Interactive grid-based graphical trading system for real time security trading

ABSTRACT

An interactive grid-based graphical trading system for use in securities trading provides a dynamic, visual display of trading data consisting of orders, quotes and indices, for any security and for any number of market participants. The trading data are plotted on a grid consisting of cells arranged in rows and columns, which are associated with specific parameters. Distinct visual presentation styles are used, and differences in the price parameter are represented spatially. The values of the price and other parameters associated with the same orders and quotes are mapped against the values associated with the rows and columns of the grid. A trader may place or modify trading orders by interacting with the trading data displayed on the grid, and with specific GUI objects displayed on the same grid. Trading instructions are generated and transmitted to a market participant, in a manner transparent to the trader.

FIELD OF THE INVENTION

[0001] The present invention relates to software which may be employedby individual traders who trade in real time with respect to a specificmarket, as buyers or sellers. The present invention provides aninteractive grid-based graphical trading system comprising a“checkerboard” matrix of intersecting one or more rows and one or morecolumns representing, interchangeably, price increments along one axisand one or more markets or market participants along a second axis, forany specific security. The resulting grid displayed on a suitabledisplay device is associated with market information so that a buying orselling instruction may be given. Moreover, since the display functionsin real time, the user receives a dynamic graphical representation ofexisting market conditions at that instant in time with respect to anysecurity. Similarly, the trader using the interactive grid-basedgraphical trading system may effect an order placement or ordermodification transaction by dragging and dropping an icon or anysuitable GUI object into the “checkerboard” matrix. The user can thensubsequently reposition the order graphically in terms of price and/ormarket participant.

BACKGROUND OF THE INVENTION

[0002] There are a number of trading systems, and a number ofindividuals, who engage in real time day-to-day or minute-to-minutesecurity trading. Very often, such individuals are referred to as daytraders.

[0003] Moreover, many stock brokers have an interest or duty to observethe dynamics of the market, including price fluctuations and volume oftrading in any security.

[0004] However, even some proprietary software which is available foruse by such individuals as day traders and stock brokers may requireconsiderable key stroke input, and may not provide a dynamic displaywhich indicates not only current market conditions but, by beingobserved over a period of time, such dynamic display would indicate whatthe market is doing with respect to a particular security. For example,Bank of Montreal Investorline™ requires that a user shall first enterthe ticker symbol for a selected security, then enter the price, thenthe number of shares, and finally click on a confirmation button. Aswill be explained hereafter, the present invention permits the user toeffectively drag and drop an icon representing at least one selectedsecurity, with a selected trading order, over a grid to a selected cellhaving a selected price, and dropping the icon so as to effect thedesired trading order.

[0005] Graphical displays in keeping with the present invention willindicate whether the market is moving up or down, whether there is ahigh volume or low volume of trades occurring at the present time, andeven the number of buy or sell orders that may be in place, and at whatprice, as they may be handled by any market participant.

[0006] The trader to whom the present invention is particularly directedis usually, but not necessarily, a sophisticated trader, who isinterested in the dynamics of the market, and who is interested inobtaining data for any selected security at any instant in time, as wellas to watch the changes in market conditions as they may affect thatsecurity over a period of time.

[0007] The present invention provides means, including particularly agraphical user interface, to permit the trader to achieve the goals setforth above.

[0008] While the present invention is particularly directed to aninteractive grid-based graphical trading system for use in tradingsecurities, it necessarily includes all of the appropriate physicalarchitecture and logical architecture at least, in functional terms thatare necessarily order to facilitate operation of the present invention.

[0009] Of course, it will be understood that the present inventioncontemplates the existence throughout the network of traders and marketparticipants, of secure and high speed communications channels, and ofsufficiently powerful and high speed computer hardware to functionappropriately and to assure seamless and transparent functionality andoperation of the market overview and security trading functionalities ofthe present invention. The present invention also contemplates thatproprietary software which embodies features, functions, and particularsof the teachings herein, will be resident in any computer hardware atthe site of any trader practicing or operating this invention.

SUMMARY OF THE INVENTION

[0010] The present invention provides an interactive grid-basedgraphical trading system for use by any trader who engages in tradingsecurities through established security trading markets, in essentiallyreal time. The system comprises a grid-based graphical interface for useby any trader. The graphical interface is adapted to establish aconnection with any backend system used by any market participantthrough suitable communication channels.

[0011] The interactive grid based graphical trading system is availablethrough a computer at each participating trader's site.

[0012] The interactive grid-based graphical trading system is adapted toreceive and display market trading data received from a plurality ofmarket participants, in essentially real time. Also, any trader mayselect any particular security for which data are electively required,at any instant in time.

[0013] The interactive grid-based graphical trading system includesfirst process means that function to send transaction instructionsthrough communication channels to the backend system used by any marketparticipant. It also receives messages from the backend system throughcommunication channels. Furthermore, the grid-based graphical interfaceincludes second process means that function to receive, process, anddisplay market trading data, and messages, to any trader.

[0014] The market trading data includes information chosen from thegroup of market trading data consisting of: order data as to buy, sell,or other trading orders existing at that instant in time for anyselected security or group of securities, quote data as to bid and askprices, volume, market participant identifiers, and other parameters,existing at that instant in time for any selected security or group ofsecurities. Also, the market trading data is transmitted to eachgrid-based graphical interface at the site of any participating traderfrom the backend system of any market participant in computer-readableelectronic format.

[0015] Moreover, the interactive grid-based graphical trading systemincludes third process means that function to transform market tradingdata received from any backend system, at any instant in time, into agraphical representation for display on any display device. Thegraphical representation includes at least one grid having a pluralityof cells arranged in an array of at least one row or at least onecolumn. A row is an arrangement of horizontally adjacent cells with atleast one common property. A column is an arrangement of verticallyadjacent cells with at least one common property. Each cell within theplurality of cells belongs to one row and one column.

[0016] A plurality of cells is arranged in a matrix chosen from thegroup consisting of: a plurality of rows and at least one column, aplurality of columns and at least one row. The plurality of rows, or theplurality of columns, are associated with an axis representing price.

[0017] Any cell may be associated with the market trading data, andcontains a graphical representation of market trading data, which isassociated with a specific price or range of prices.

[0018] Each cell along the price axis indicates a price or price rangefor which the market trading data exists. The other of at least onecolumn or a least one row is indicative of a specific criterion chosenfrom a plurality of selected criteria within which the market tradingdata may be categorized as to price or a range of prices.

[0019] Any trader can place, or modify, an order for a selected securityor group of securities, over which that trader has discretion. This isdone by interacting with the grid-based graphical interface. Theinteraction can be accomplished by a drag and drop operation, and theorder or the quote is represented graphically in a cell.

[0020] The communication channels may be network-based, so that at anyinstant in time a connection between any trader and a backend system ofany market participant may be persistent or intermittent.

[0021] Typically, the interactive grid-based graphical trading systemnetwork is the Internet.

[0022] Moreover, any cell in a plurality of cells may be assignedspecific visual or graphical attributes or properties chosen from thegroup of graphical or visual attributes or properties consisting of:color, border, label indicator, graphic overlay, text overlay, andcombinations thereof.

[0023] The specific attribute or property assigned to any cell is afunction of the specific market trading data associated therewith.

[0024] Furthermore, any trader can modify the parameters of any orderover which that trader has discretion, for a selected security or groupof securities being displayed on the grid-based graphical interface, atany instant in time. This is accomplished by selecting a relevant ordercell using a pointing device interactive with the grid-based graphicalinterface, and dragging and dropping the selected relevant order cell toa destination cell. The dragging and dropping of the selected relevantorder cell causes the grid-based graphical interface to activate thefirst process means to send transaction instructions comprising anamendment of previous specific trading parameters associated with therelevant selected order.

[0025] The second process means may electively effect an alteration ofthe specific visual or graphical properties assigned to both therelevant order cell and the destination cell.

[0026] The axis associated with price maybe presented as a specificprice range above and specific price range below the last traded priceof a selected security or groups of securities at any instant in time.Furthermore, the last traded price is present on the price axis.

[0027] Furthermore, in the interactive grid-based graphical tradingsystem of the present invention, the communication channels may includemiddleware used by any market participant.

[0028] In the interactive grid-based graphical trading system of thepresent invention, the price difference between two adjacent cells alongthe price axis may be the minimum price variance (MPV), or a multiple ofthe minimum price variance, for any selected security or groups ofsecurities being displayed at any instant in time.

[0029] Market trading data representing specific order data and quotedata for a selected security or group of securities may be presented ina matrix comprising a plurality of rows and a plurality of columns ofcells. Each row of cells or each column of cells is associated with aspecific price or range of specific prices for any given security orgroup of securities. The market trading data being displayed in any cellof the row of cells or the column of cells includes a plurality ofspecific components related to selected market parameters associatedwith the data.

[0030] The specific order data and specific quote data are linked andassociated to a respective one of a set of GUI objects in the grid-basedgraphical interface at each trader's location.

[0031] If middleware is present, it functions to translate data andinstructions sent over any communication channel into a format that isunderstood by the grid-based graphical interface at any trader'slocation, or a respective backend system at any market participant'slocation.

[0032] The middleware has components therein to translate any tradingorder instruction issued from a trader, or to translate messages from amarket participant.

[0033] Typically, the grid-based graphical trading interface for anytrader has a data storage. Also, the middleware may have an associateddata storage relevant to the system.

[0034] In the interactive grid-based graphical trading system of thepresent invention, a selected security for the trading data may bedisplayed at any instant in time, and may be changed to another selectedsecurity by any trader, at any instant in time.

[0035] The trading data for any selected security may be displayed atany instant in time by any trader. It is constantly updated havingregard to new trading data being received by the grid-based graphicalinterface for that selected security.

[0036] Any backend system will perform at least the following tasks:account management for each trading account, processing trading ordersfor each valid transaction which a trader issues; order execution,whereby each valid transaction issued by any trader is executed; datadissemination, whereby market trading data concerning any security isdelivered to any trader's grid-based graphical interface, and backendsystem management for monitoring and maintaining security and operationof the backend system.

[0037] Each market participant may be chosen from the group consistingof stock brokerages, electronic communication networks (ECN's), stockexchanges, commodity exchanges, futures exchanges, bourses, and auctionhouses.

[0038] In the interactive grid-based graphical trading system of thepresent invention, each selected security for which market trading datais displayed may be chosen from the group consisting of shares of stock,commodities, futures, options, bonds, warrants, exchange traded funds(ETFs), share or index based options, futures contracts, options onfutures contracts, and items that are bought or sold by auction.

[0039] In the present invention, data communications over thecommunications channels are in keeping with selected protocols which areestablished to standardize data interchange between the grid-basedgraphical interface communicating over the communications channels, withany backend systems. Furthermore, the data communications may electivelyuse secure data encryption modes.

[0040] The middleware may further perform the task of connectionmanagement, whereby connection requests from any trader's grid-basedgraphical interface to the backend systems are granted or rejected, andwhere existing connections are monitored and managed.

[0041] The interactive grid-based graphical trading system of thepresent invention includes a display panel, where the display panelcontains individual icons representing each security held by anyrespective trader in that trader's account.

[0042] In the interactive grid-based graphical trading system of thepresent invention, each icon may represent a security position held bythat trader in that trader's account. Also, any icon may be dragged anddropped onto a specific valid cell of the grid-based graphicalinterface. The drag and drop operation on any selected icon causes thegrid-based graphical interface to issue transaction instructions to arespective backend system through the middleware.

[0043] Furthermore, a display panel is associated with the interactivegrid-based graphical trading system at any trader's location, where thedisplay panel contains GUI objects to represent any monetary value orsecurity which is held in any trader's account. In addition, theinteractive grid-based graphical trading system includes fourth processmeans that permits the monetary value or security associated with arespective GUI object to be separated into a plurality of GUI object,which may represent in total the monetary value or security, as electedby the trader.

[0044] Moreover, the GUI objects may be used to represent specificquantities of units of any selected security, and additional GUI objectsmay be used to represent selected amounts of cash. In each instance,each GUI object is linked to data representing the specific quantitiesof units of any selected security, or representing the selected amountsof cash in software at the trader's location.

[0045] Typically, the grid-based graphical interface is applicationsoftware, which is available through a computer at the respectivetrader's location.

[0046] In keeping with the present invention, one of the plurality ofrows or one of the plurality of columns of cells is associated with atleast one market participant, so that each cell can represent one ormore specific quote data or order data being posted by at least onemarket participant for the selected security or item being displayed atany instant in time.

[0047] Cells representing at least one buy order or buy quote at or nearthe bid price, and different cells representing at least one sell orderor sell quote at or near the ask price, which thus represent markettrading data being posted by a market participant for a selectedsecurity, are simultaneously displayed.

[0048] Also, any cell that represents at least one order associated withat least one market participant at the respective specific price orrange of specific prices indicated by that cell, is displayed withselected graphical properties.

[0049] The graphical properties of the present invention may be chosenfrom the group consisting of: a distinct color, a distinct shape,distinct text labels, and combinations thereof. The graphical propertiesidentify the cell as representing data for at least one order or atleast one quote.

[0050] In the interactive grid-based graphical trading system of thepresent invention, text labels may indicate at least one parameterselected by a trader for at least one order or at least one quoterepresented by the cell. Also, at least one parameter may be chosen fromthe group consisting of: order type, the quantity of units of theselected security, the symbol of the selected security, the duration ofthe order, and combinations thereof.

[0051] Additional data may be associated with each cell. This additionaldata can be electively displayed by clicking or right-clicking on thegiven cell. Furthermore, the additional data may be chosen from thegroup of data consisting of: the number of orders associated with thegiven cell, the total volume or number of contracts, the total dollarvalue of the orders outstanding, the total volume of the orders traded,and the lot size outstanding, and combinations thereof.

[0052] In keeping with the present invention, the data displayed on adisplay panel on the display device at any trader's location may includetext based quote data and related summary statistics for a selectedsecurity or group of securities at any instant in time.

[0053] Furthermore, text based quote data and related summary statisticsmay include data chosen from the group consisting of: the exchange ormarket where the selected security is being traded, the current bidprice, the current ask price, the current bid size, the current asksize, the last trade price, the size of the last transaction in terms ofthe number of units of the selected security traded, the change in theprice of the last trade with respect to the closing price of theprevious session, the volume in terms of the number of units of theselected security that had been traded during the current tradingsession, the high price of the session, the low price of the session,the opening price of the session, and combinations thereof.

[0054] In the interactive grid-based graphical trading system of thepresent invention, the text based quote data may be categorized as Level1 data.

[0055] Also, in the interactive grid-based graphical trading system ofthe present invention, a standard protocol may define the format of theinstructions and data that are exchanged between the interactivegrid-based graphical trading system and any backend system of any marketparticipant.

[0056] Typically, in the interactive grid-based graphical trading systemof the present invention, a standard protocol may be based on eXtensibleMarkup Language (XML).

[0057] Moreover, in the interactive grid-based graphical trading systemof the present invention, data from a backend system may be associatedwith a respective GUI object at any trader's grid-based graphicalinterface.

[0058] Within the interactive grid-based graphical trading system, aplurality of grid-based graphical interfaces are presented in aplurality of overlapping tab pages. The tab for any of the pages canthus be selected. The plurality of tab pages are contained in at leastone display panel on the display device, where at least one grid-basedgraphical interface is associated with one tab page or one display panelat any instant in time.

[0059] Also, the specific visual or graphical properties of any tab pagemay change at any instant in time, as a result of a specific eventoccurring.

[0060] Furthermore, the specific event may be triggered by specificmarket or user defined criteria related to said tab page, or to thesecurities associated with the tab page.

[0061] Additionally, a transaction may be effected by dragging anddropping GUI object representing a specific trading instruction, for aspecific security, from one display panel on the system to thegrid-based graphical interface.

[0062] Moreover, a transaction may be effected by dragging and droppinga GUI object representing a specific trading instruction, for a specificsecurity, from a grid-based graphical interface to an alternate GUIobject.

[0063] In the interactive grid-based graphical trading system of thepresent invention, a specific trading instruction may effect a cancelorder instruction for the specific security.

[0064] Furthermore, a transaction instruction which changes a parameterassociated with an existing open order may be translated by middleware,so as to appear to the trader as a single seamless instruction.

[0065] Still further, any trading order transaction may be effected bydragging and dropping a GUI object which is representative of a specifictransaction onto a valid cell of the grid-based graphical interface,where the first process means will issue a respective transactioninstruction through a respective communication channel to a respectivemarket participant.

[0066] Also, in the interactive grid-based graphical trading system ofthe present invention, any trading order transaction may be effected bydragging and dropping a selected GUI object representative of anintended transaction onto a destination cell on the grid-based graphicalinterface. The dragging and dropping of the selected GUI object causesthe grid-based graphical interface to apply the first process means, soas to result in the placement of a new order with a market participant.Furthermore, if the new order includes specific trading parameters, thesecond process means may electively alter the specific visual orgraphical properties assigned to both the selected GUI object and thedestination cell.

[0067] In the interactive grid-based graphical trading system of thepresent invention, any trading order transaction which has been placedon the grid-based graphical interface but not yet filled, may becancelled by dragging the respective GUI object associated with theorder outside the grid-based graphical interface.

[0068] Moreover, any open order for a specific security for which atrader has discretion, may be cancelled by dragging and dropping aselected cell associated with the specific open order from thegrid-based graphical interface to a selected GUI object associated witha cancel transaction order. The dragging and dropping of the cell causesthe interactive grid-based graphical trading system to apply the firstprocess means, so as to result in the placement of a cancel orderinstruction with the associated market participant. The cancel orderinstruction includes specific parameters, where the second process mayelectively alter the specific visual or graphical properties assigned toboth the selected GUI object and the selected cell.

[0069] Also, the price values represented by the price axis maybeelectively associated with an absolute price or price range, or arelative price or price range.

[0070] In addition, the adjustment of the price values, and thealteration of the associated visual or graphical properties of eachcell, along the price axis, is under the control of the third processmeans.

[0071] Within the grid-based graphical interface, the relevant visual orgraphical properties of any cell associated with either order data orquote data will dynamically change in response to an amendment of itsoriginal properties, and in relation with the values represented by thegiven cell's respective axes.

[0072] Moreover, the displayed price range for any price axis may beautomatically determined according to a set of relevant market tradingdata.

[0073] In addition, the range of price values which are displayed alongthe price axis, and the price value for a selected row or column, may bedetermined for each selected security at any instant in time as a factorof one of the criteria chosen from the group consisting of: the closingprice for that security during the prior session, the opening price forthat security during the current session, the highest price paid forthat security during the current session, the lowest price bid for thatsecurity during the current session, and the last price paid for thatsecurity, and combinations thereof.

[0074] Furthermore, the criteria for the at least one column may bechosen from the group consisting of: a market participant, a security, acomponent of an index, an index, aggregate trading data from a pluralityof market participants, the trading activity of a market participantduring the current session, the trading activity of a component of anindex, the pending orders of the market participant at any instant intime, aggregate buy order and quote data from a plurality of marketparticipants, aggregate sell order and quote data from a plurality ofmarket participants, and combinations thereof.

[0075] Still further, an axis not associated with the price axis canrepresent any market criteria aside from price.

[0076] Also, the present invention contemplates that a display panel foran integrated chat session may be included in the graphical interface.

[0077] Still further, the grid-based graphical interface for any tradermay have memory means associated therewith, whereby a record functionstores the market trading data in the memory at selected time intervals.A replay function for the data, to recall the market trading dataassociated with the selected time intervals, and to graphically displaythe data over a selected time period, may be selectively invoked by thetrader.

[0078] The interactive grid-based graphical trading system of thepresent invention may further include software whose purpose is toreview and weigh a trader's cash position and portfolio holdings, inorder to make a recommendation on an order parameter for a trading orderfor a selected security, at any instant in time. The recommendation is afunction of an order parameter chosen from the group of order parametersconsisting of: the bid price, the bid size, the ask price, the ask size,the last trade price, the volume or contracts traded over an interval oftime, the volatility, the liquidity, and combinations thereof, for theselected security at any instant in time.

[0079] Also, the order parameter is at least one of the size of thetrading order, the quantity of the trading order, price of tradingorder, and duration of the trading order for the selected security.

[0080] Furthermore, the graphical display at any trader's location mayinclude a display panel containing data categorized as Nasdaq Level IIdata for a selected security at any instant in time. The Nasdaq Level IIdata includes at least one set of data which is chosen from the groupconsisting of: the identity of a market participant whose data is beingdisplayed, the bid price and size associated with a given marketparticipant's data, the ask price and size associated with a marketparticipant's data, and combinations thereof.

[0081] In addition, at least one row or at least one column may have aGUI object associated therewith, whereby the status of open ordersassociated with the GUI object may be changed under the control of thefirst process means.

[0082] A specific color, text label, pattern, shape, or texture may beassociated for each different type of trading order which is displayedin any cell.

[0083] Also, a specific color, texture, text label, shape, or patternmay be associated with each cell representing an ask price, or a higherprice than the ask price, for any selected security in any given market.A different specific color, texture, text label, shape, or pattern maybe associated with each cell representing a bid price, or a lower pricethan the bid price, for the selected security in any given market.

[0084] Furthermore, the interactive grid-based graphical trading systemof the present invention may include a fourth process means whosefunction is to transform Nasdaq Level II data for any selected security,at any instant in time, into a format suitable for display on thegrid-based graphical interface.

[0085] The interactive grid-based graphical trading system of thepresent invention may also further include fifth process means, whosefunction is to transform a stock exchange's market depth data, or anElectronic Communication Network's (ECNs) electronic order book for anyselected security, at any instant in time, into a format suitable fordisplay on the grid-based graphical interface.

[0086] The replay function of the present invention may be controllableso that playback of the market trading data is accelerated in time, orde-accelerated in time, and displayed visually.

[0087] Also, the market trading data which is displayed for a selectedsecurity at any instant in time can be electively filtered to display asubset of the trading data, which subset satisfies criteria based atleast on one parameter associated with the data.

[0088] In addition, the columns representative of a parameter of thetrading data can be arranged automatically based on criteria defined bythe trader.

[0089] Furthermore, the columns representative of a parameter of thetrading data can be arranged manually through a drag and drop operationof a respective column header by the trader.

[0090] Also, any one of the icons may be chosen from the group of imagesconsisting of: the logo of the company associated with the security, thetrading symbol of the security, the type of security, the quantity ofunits of the security, the type of order for the security, the status ofthe order for the security, and combinations thereof.

[0091] In the interactive grid-based graphical trading system of thepresent invention, a selected tab page associated with a given securitymay become the active tab page as a result of at least one userinteraction associated with the security.

[0092] Moreover, a tab page maybe automatically created, at any instantin time, so as to be associated with a specific security, as a result ofat least one user interaction associated with the security. The createdtab page for the specific security does not exist prior to the userinteraction.

[0093] Any cell representing a specific order is displayed relative tothe price axis, where the position of any cell is determined by thedifference between the price associated with the specific order and theprice associated with a base price indicator on the price axis. Also, atleast one cell representing a specific order, is displayed.

[0094] Also, any cell representing a specific quote maybe displayedrelative to the price axis. The position of any cell is determined bythe difference between the price associated with the specific quote andthe price associated with a base price indicator on the price axis. Inaddition, at least one cell representing a specific quote, may bedisplayed.

[0095] In an alternative embodiment of the interactive graphical tradingsystem of the present invention, there is also provided a graphicalinterface adapted to display market trading data received from at leastone market participant, wherein the graphical interface establishesconnections with any backend systems used by any market participantsthrough communication channels; wherein the market trading data includesinformation chosen from the group of market trading data consisting of:order data as to buy, sell, or other trading orders, quote data as tobid and ask prices, volume, market participant identifiers, and otherparameters, and wherein the market trading data is transmitted to thegraphical interface from the back end system in computer-readableelectronic format.

[0096] The graphical interface includes at least one display panel forgraphically presenting market trading data, wherein the market tradingdata is graphically presented on at least one display panel. An intendedtrading order is represented on the at least one display panel by a GUIobject, wherein the GUI object is selected and positioned over the atleast one display panel by a user of the graphical interface, usingpointing and positioning means for pointing and positioning the GUIobject on the graphical interface. The act of selecting and positioningthe GUI object representing the trading order, over the at least onedisplay panel, effects order placement or order modificationinstructions.

[0097] In another embodiment, an interactive grid-based graphicalcomponent subsystem for presenting market trading data is provided,wherein the component subsystem comprises a set of GUI objects, userinteraction modes, and program logic. Here, the interactive grid basedgraphical component subsystem is implemented in software made availablethrough a computer at auser's location.

[0098] The interactive grid-based graphical software object isimplemented as a software component, and the software component is usedin software applications and is adapted for any specific computingplatform.

[0099] The interactive grid based graphical software object is adaptedto receive and display market trading data from a plurality of markettrading data sources, and any particular market trading data source maybe electively selected at any instant in time.

[0100] The set of GUI objects are graphical representations of visualelements associated with the interactive grid-based graphical softwareobject, and the set of GUI objects are associated with visual andgraphical properties from the group consisting of: color, shape, size,text labels, and combinations thereof.

[0101] The user interaction modes represent a set of actions availableto a user for interacting with the interactive grid based graphicalsoftware object, such that the user interaction modes affect thegraphical representation displayed on the interactive grid-basedgraphical software object. The user interaction modes on any GUI objectare selected from the group consisting of: right click, double click,and left click using a pointing device, a drag and drop operation, astylus screen tap, a stylus drag and drop operation, a touch screen tap,shortcut keys, and combinations thereof.

[0102] The program logic functions to receive process and graphicallyrepresent market trading data. The program logic further functions toreceive, process, and interpret user interactions with the softwareobject; and the graphical representation includes at least one gridhaving a plurality of cells arranged in an array of at least one row orat least one column.

[0103] Here, a row is an arrangement of horizontally adjacent cells withat least one common property, and a column is an arrangement ofvertically adjacent cells with at least one common property; and eachcell within the plurality of cells belongs to one row and one column.

[0104] The plurality of cells is arranged in a matrix chosen from thegroup consisting of: a plurality of rows and at least one column, and aplurality of columns and at least one row. The plurality of rows or theplurality of columns are associated with an axis representing price.

[0105] The visual and graphical properties of GUI objects are altered asa result of changes in the received market trading data, and userinteraction with the software object.

[0106] Any cell may be associated with the market trading data, andcontains a graphical representation of the market trading data.

[0107] Also, the matrix is associated with the market trading data, andalso contains a graphical representation thereof.

[0108] Each cell along the price axis indicates a price or price rangefor which the market trading data exists, and the other of the at leastone column or the a least one row is indicative of a specific criterionchosen from a plurality of criteria within which the market trading datamay be categorized as to price or a range of prices. That plurality ofcriteria is from the group consisting of: a specific security, a groupof securities, an index, a market participant, a group of marketparticipants, a segment of time, and combinations thereof.

[0109] Thus, any trader can place or modify an order for a selectedsecurity or group of securities, over which that trader has discretion,by interacting with the interactive grid-based graphical softwareobject. That interaction can be accomplished by a drag and dropoperation.

[0110] In yet another embodiment of the present invention, there isprovided an interactive grid-based graphical quote presentation systemfor use by any user to receive and display market trading data from anymarket participant, in essentially real time. The system comprises agrid-based graphical interface for use by any trader, and the graphicalinterface is adapted to establish at least one connection to any marketparticipant through at least one communication channel.

[0111] The interactive grid-based graphical quote presentation system ismade available through a computer at any user's location; and is adaptedto receive and display market trading data received from a plurality ofmarket participants, essentially in real time. Thus, any user may selectany particular securities for which data are electively required, at anyinstant in time.

[0112] The interactive grid-based graphical quote presentation systemincludes first process means that function to send requests throughcommunication channels to at least one market trading data source, andto receive messages from the at least one market participant through theat least one communication channel.

[0113] The grid-based graphical quote presentation system also includessecond process means that function to receive, process, and display themarket trading data, and the messages, to any user;

[0114] The market trading data includes information chosen from thegroup of market trading data consisting of: quote data as to bid and askprices, volume, market participant identifiers, and other parameters,existing at that instant in time for any selected security or group ofsecurities; and the market trading data is transmitted to eachinteractive grid-based graphical quote presentation system from themarket participants, in computer-readable electronic format.

[0115] The interactive grid-based graphical quote presentation systemincludes third process means that function to transform the markettrading data received from any market trading data sources, at anyinstant in time, into a graphical representation for display on anydisplay device, and the graphical representation includes at least onegrid having a plurality of cells in an array of at least one row or atleast one column. The definitions of rows and columns, and theirassociation with a price axis, are as mentioned above.

[0116] Any user can issue a request for trading information at anyinstant in time, by interacting with the interactive grid-basedgraphical quote presentation system. Thus, the interaction can effectthe issuance of the instructions associated with a request for quoteinformation; and the interaction can be accomplished by one or aplurality of interaction modes

[0117] Yet another embodiment of the present invention provides asoftware object providing a graphical representation of trading dataoriginating from at least one data source, wherein the graphicalrepresentation of trading data is electively interactive, and whereinthe interface object is executable by a computer.

[0118] Here, there is a first process means for establishing at leastone connection with at least one data source, wherein the at least onedata source is selected from the group consisting of: securitiesexchanges, commodities exchanges, electronic communication networks(ECNs), data feed providers, brokerage firms, and qualified marketparticipants. The at least one data source may also electively behistorical trading data published on a suitable storage media. Moreover,the at least one data source may be external to the computer where thesoftware object is executing or:

[0119] Second process means are provided for retrieving trading datafrom the at least one data source; which data may be electivelyretrieved continuously or from time to time.

[0120] There are third process means provided for transforming thetrading data into a form that is suitable for display by the interfaceobject.

[0121] Also, there are fourth process means are provided for displayingthe trading data by means of at least one visual presentation style.

[0122] Finally, there are provided fifth process means for receiving andinterpreting input from a user of the interface object, through aselected user interaction mode. The input can cause the interface objectto automatically generate trading instructions, based on the user'sspecific input and the context of the currently displayed trading data.

[0123] The trading instructions are selected from the group consistingof: order instructions, sell order instructions, order cancellationinstructions, and order amendment instructions. The trading instructionscan be sent to at least one backend trading system capable of processingthe instructions; and the at least one backend trading system isassociated with the at least one market participant, which is selectedfrom the group essentially consisting of: stock exchanges, electroniccommunication networks (ECNs), order-entry firms, brokerage firms,commodities exchanges, currency markets, and qualified marketparticipants. Moreover, the at least one processing system can be marketsimulation software. In any event, the at least one backend tradingsystem can be physically separated from the computer where the softwareobject is executing; or it can reside in the same computer where theinterface object is executing.

[0124] As before, the trading data includes data elements selected fromthe group consisting of: order data and quote data, and the order dataand the quote data are associated with specific securities. Moreover,the order data and the quote data directly reflect real orders andquotes posted to at least one market, exchange, and qualified marketparticipant; and the data elements possess a price dimension directlyrelated to the price of the security associated with the data elements.

[0125] The values associated with the price dimension are numeric pricevalues. Also, the data elements may electively possess at least oneother dimension or parameter. The software object is adapted to retrievethe trading data from the at least one data source, and the trading datamay be electively received continuously, or from time to time. In anyevent, the software object automatically binds to the trading data..

[0126] The software object further includes a drawing area fordisplaying a visual representation of the data elements.

[0127] As before, the data elements comprising order data or quote datacan be represented on the software object's drawing area by icons,shapes, and other graphical user interface (GUI) objects; wherein theicons, shapes, and other GUI objects are rendered by means of at leastone visual presentation style. Thus, the at least one visualpresentation style functions to graphically distinguish betweendifferent types of orders and quotes.

[0128] The software object comprises an axis associated with numericvalues, and the numeric values associated with the axis directlycorrespond to the numeric price values of the price dimension. Also, thenumeric values associated with the axis are based on at least onecriterion.

[0129] The software object further includes at least one other axisassociated with the at least one other dimension or parameter; and theprice axis and the at least one other axis are represented on thedrawing area using at least one visual presentation style.

[0130] The first price axis and the at least one other axis define aspecific coordinate system when combined in a specific manner, whichspecific coordinate system functions to describe the positions of theshapes or icons representing the data elements in the drawing area. Thedescription of positions of the shapes or icons facilitates the plottingof the shapes or icons onto the drawing area.

[0131] The plotting comprises at least one process for determining thepositions of the shapes or icons on the drawing area, wherein the atleast one process is based on at least one criterion, and wherein the atleast one criterion is the numeric price value of the price dimensionassociated with the data elements.

[0132] The positions are defined in terms of the coordinate system; andthe positions are determined for the purpose of plotting and renderingthe shapes or icons representing the data elements onto the drawingarea. The plotting and rendering is electively dynamic and continuous,and is linked to the continuous retrieval of data.

[0133] The first price axis functions to provide a reference frame forplotting and rendering the dynamic variation in values of the pricedimension associated with the data elements; and the dynamic variationin values of the price dimension associated with the data elements isrepresented by varying the positions of the shapes or icons on thedrawing area, with respect to the first price axis.

[0134] The at least one other axis functions to categorize the dataelements, as represented by the shapes or icons on the drawing area,according to at least one other criterion; and the at least one othercriterion is based on the values of the other dimensions or parametersassociated with the data elements.

[0135] Also, the first price axis and the at least one other axisfunction to facilitate the manipulation by a user of the interfaceobject, and of the values of specific parameters associated with thedata elements as represented by the shapes or icons plotted and renderedon the interface object's drawing area, by providing reference framesagainst which variations in values can be measured.

[0136] The manipulation is subject to at least one rule, and isaccomplished by means of at least user interaction mode.

[0137] Thus, the manipulation by a user of the software object causesthe interface object to automatically generate trading instructionsbased on the user's specific input and the context of the currentlydisplayed trading data. The trading instructions are selected from thegroup consisting of: buy order instruction, sell order instruction,order cancellation instruction, and order amendment instruction; and thetrading instructions are sent to at least one processing system capableof processing the instructions.

[0138] Further embodiments of the present invention contemplate asoftware object providing a graphical representation of trading dataoriginating from at least one data source, wherein the software objectis executable by a computer. In the sense described above, a firstfurther embodiment includes: first process means for establishing atleast one connection with at least one data source; second process meansfor receiving trading data from the at least one data source; thirdprocess means for transforming the trading data into a form that issuitable for display by the software object; and fourth process meansfor displaying the trading data by using at least one visualpresentation style.

[0139] As before, the at least one data source is selected from thegroup consisting of: securities exchanges, stock markets, currencymarkets, commodities exchanges, electronic communication networks(ECNs), brokerage firms, auction houses, data feed providers, marketsimulation software, trading data published on computer-readable media,and combinations thereof; and the trading data comprises data elementsselected from the group consisting of: quote data, order data, and indexdata. The data elements are associated with a specific security or agroup of securities and possess a price dimension representing the priceof the security or the value of the index associated with the dataelements. The values associated with the price dimension are numericprice values or numeric index values, and the data elements possess atleast one additional dimension.

[0140] The software object further includes a visual manifestationdisplayed on the display means, and the visual manifestation includes adrawing area for rendering a graphical representation of the tradingdata.

[0141] The visual manifestation includes an axis associated with numericprice values which are associated with a price dimension, and theaxis—which is a price axis—is rendered on the drawing area using atleast one visual presentation style.

[0142] The visual manifestation further includes graphical userinterface (GUI) objects, which are selected from the group consistingof: icons, images, geometric shapes, and combinations thereof; and whichfunction to graphically represent order data and quote data receivedfrom the at least one data source. The GUI objects function tographically represent trading orders initiated by a user of the softwareobject, and are rendered on the drawing area by the at least one visualpresentation style. The at least one visual presentation style functionsto graphically distinguish between different types of orders and quotesassociated with the data elements.

[0143] The price axis defines one dimension of a coordinate system;wherein the coordinate system functions as a reference for plotting theGUI objects onto the drawing area.

[0144] The plotting includes at least one process for determining thepositions where the GUI objects are rendered on the drawing area, andthe at least one process correlates the numeric price values of theprice dimension with the numeric price values associated with the priceaxis.

[0145] The positions are defined with respect to the one dimension of acoordinate system, and are determined for the purpose of plotting andrendering the GUI objects onto the drawing area.

[0146] In this embodiment, the trading data is received in essentiallyreal time, and affects dynamic variations in the values of the pricedimension and the at least one additional dimension associated with thedata elements.

[0147] Thus, the dynamic variations in the values of the pricedimension, and the at least one additional dimension, are represented bydynamically varying the positions and graphical properties of the GUIobjects on the drawing area.

[0148] In another further embodiment, the software described abovefurther includes fifth process means for receiving and interpretinginput from a user of the software object, by means of at least one userinteraction mode.

[0149] Here, the graphical properties and settings are electivelyadjusted by a user of the software object, and the adjustment isaccomplished by the user through at least one user interaction mode. Theadjustment is facilitated by the fifth process means.

[0150] In yet a further embodiment of the software object hereof, thesoftware object further includes sixth process means for generating andtransmitting trading instructions, and for receiving feedback datapertaining to the status of the trading instructions.

[0151] Here, the visual manifestation associated with the price axis andthe GUI objects, the fifth process means, and the sixth process means,together facilitate the graphical placement of trading orders, and thegraphical amendment of trading orders. The graphical placement and thegraphical amendment of trading orders is performed by a user of thesoftware object by interacting with the visual manifestation, and theinteraction is subject to at least one rule. Also, the interaction isaccomplished by means of at least user interaction mode. The GUI objectfunctions to graphically represent trading orders initiated by a user ofthe software object.

[0152] The graphical placement and graphical amendment of trading orderscauses the software object to generate trading instructions, and thetrading instructions are selected from the group consisting of: buyorder instructions, sell order instructions, order cancellationinstructions, and order amendment instructions. The trading instructionsare transmitted to at least one backend trading system capable ofprocessing the trading instructions; and the backend system isassociated with at least one market participant. Feedback datapertaining to the status of the trading orders is received andinterpreted by the software object through the sixth process means.

[0153] Typically, the at least one data source is an external systemphysically separated from the computer where the software object isexecuting, the external system is accessible to the software objectthrough communication channels.

[0154] However, the at least one data source may reside in the samecomputer where the software object is executing.

[0155] In keeping with the present invention, the software object isadapted to receive streaming trading data from the at least one datasource; and the trading data is received essentially continuously.

[0156] Moreover, the software object is adapted to request the tradingdata from the at least one data source, and the trading data is receivedin response to the request.

[0157] In the present invention, the visual manifestation may furtherinclude at least one additional axis, where the at least one additionalaxis is associated with at least one additional dimension. In this case,the at least one axis is associated with at least one criterion, and theat least one criterion is selected from the group consisting of: amarket participant, a group of market participants, a security, a groupof securities, an index, an interval of time, and combinations thereof.

[0158] The at least one additional axis is rendered on the drawing areausing at least one visual presentation style.

[0159] Also, the price axis and the at least one additional axis combineto define a multi-dimensional coordinate system, where the number ofdimensions of the multi-dimensional coordinate system is determined bythe number of axes, and where the multi-dimensional coordinate systemfunctions as a reference for plotting the GUI objects onto the drawingarea.

[0160] The plotting includes at least one process for determining thepositions where the GUI objects are rendered on the drawing area; andthe at least one process correlates the numeric price values of theprice dimension with the numeric price values associated with the priceaxis. Thus, the at least one process categorizes the data elementsaccording to the at least one criterion associated with the at least oneadditional axis.

[0161] The positions are determined with respect to themulti-dimensional coordinate system, and are determined for the purposeof plotting and rendering the GUI objects onto the drawing area.

[0162] In any of the above embodiments, the at least one marketparticipant possesses at least one backend trading system physicallyseparated from the computer where the software object is executing, andthe trading system is accessible to the software object throughcommunication channels.

[0163] Typically, the at least one market participant possesses at leastone trading system physically residing in the same computer where thesoftware object is executing.

[0164] The present invention provides that the feedback data istransformed into a form that is suitable for display on the drawingarea, through the third process means; and the feedback data isdisplayed on the drawing area, through the fourth process means.

[0165] Another provision of the present invention is that the softwareobject is adapted to connect to and retrieve trading data from the atleast one data source. Typically, the at least one data source isphysically separated from the computer where the software object isexecuting, and is accessible to the software object throughcommunication channels. The at least one data source is a diversesystem, and communication with the at least one diverse system isfacilitated by middleware.

[0166] Also, another provision of the software object of the presentinvention is that the software object is adapted to transmit tradinginstructions to, and receive feedback data from, a plurality of backendtrading systems. The plurality of backend trading systems are externalto the computer where the software object is executing. The plurality ofdata sources are accessible to the software object through communicationchannels. The plurality of backend trading systems may employ dissimilarcommunication protocols; and communication between the software objectand the plurality of backend trading systems is facilitated bymiddleware.

[0167] The present invention provides that the software object may beimplemented as an integrated feature of an application program intendedfor securities trading.

[0168] Also, the software object may be implemented as a self-contained,reusable software component. In that case, the software component isselected from the group consisting of: an ActiveX control, a Javaapplet, a Java Swing component, and combinations thereof; and theimplementation of the software object independently functions as a quotepresentation system, or as a quote presentation system with orderplacement and order amendment capabilities. As such, the software objectis incorporated within an application program intended for securitiestrading.

[0169] The software object of the present invention may be implementedas a set of macros or scripts. In that case, typically the macros orscripts are created by utilizing programmability features of specificapplication programs, and each specific application program is selectedfrom the group consisting of: Microsoft Excel, Microsoft Word, MicrosoftPowerPoint, Microsoft Visio, Lotus 1-2-3, and WordPerfect.

[0170] It should be noted that typically the trading data is encodedusing eXtensible Markup Language (XML), and the trading data may becompressed, encrypted, or both.

[0171] Also, the trading instructions may be encoded using eXtensibleMarkup Language (XML), and may be compressed, encrypted, or both.

[0172] Typically, the price axis is directly related to the range oftrading prices associated with a specific security, and is partitionedinto a plurality of segments. Each of the plurality of segmentsrepresents a numeric price, or a range of numeric prices, representativeof trading prices of the specific security; and every trading priceassociated with the specific security is represented in the price axisby not more than one segment along the price axis. Each of the pluralityof segments is labelled with a nominal numeric value representative ofthe price or range of prices associated with the segment, and thedifference between the nominal numeric prices associated with any twoadjacent segments corresponds to the specific security's minimum pricevariance (MPV), or a multiple thereof.

[0173] The price axis may be indirectly related to the range of tradingprices associated with a specific security, and in that case, the priceaxis is representative of a mathematical formula, which may be based onthe difference between a price parameter of the specific security and areference value. The reference value may be selected from the groupconsisting of: the previous closing price of the security, the bidprice, the ask price, the last trade price, an index value, the average,the high, and the low of the security's price or the index value over aselected period of time. Also, the price parameter is selected from thegroup consisting of: the last trade price, the limit order price, thestop order price, and combinations thereof.

[0174] Thus, the price axis may be partitioned into a plurality ofsegments, where each of the plurality of segments is associated with theresult of the application of the mathematical formula to the dataelements, and each of the plurality of segments is labelled with anominal numeric value representative of the result.

[0175] At least one user interaction mode is selected from the groupconsisting of: clicking, double-clicking, dragging and dropping,pressing a keyboard shortcut, pressing a command button, and typing, andcombinations thereof; and the at least one user interaction modeutilizes at least one input device. Typically, the at least one inputdevice is selected from the group consisting of: a mouse, a trackball, astylus, ajoystick, a light pen, a keyboard, a pointing device, andcombinations thereof.

[0176] In still a further embodiment of the present invention, there isprovided an interactive grid-based graphical trading system for use byany trader. This further grid-based graphical trading system comprises agrid-based graphical interface, which is adapted to establish aconnection with any backend system.

[0177] The interactive grid-based graphical trading system is adapted toreceive and display market trading data received from the backendsystem;

[0178] Here, the interactive grid-based graphical trading systemincludes first process means that function to send transactioninstructions to the backend system, and to receive messages and markettrading data from the backend system, and second process means thatfunction to receive, process, and display the market trading data, andthe messages.

[0179] As before, the market trading data includes information chosenfrom the group of market trading data consisting of: order data of thetrader, and quote data for any selected security or group of securities.

[0180] Also, the interactive grid-based graphical trading systemincludes third process means that function to transform the markettrading data into a graphical representation for display on a displaydevice, wherein the graphical representation includes at least one gridhaving a plurality of cells arranged in a matrix chosen from the groupconsisting of: a plurality of rows and at least one column, and aplurality of columns and at least one row, as defined above. The sameconditions as to rows and columns of cells, and a price axis therefor,exist as discussed above.

[0181] Any cell may be associated with the market trading data, andcontains a graphical representation of the market trading data; and eachcell along the price axis indicates a price or price range for which themarket trading data exists, while the other of the at least one columnor the a least one row is indicative of a specific criterion chosen froma plurality of criteria within which the market trading data may becategorized.

[0182] Thus, any trader can place, or modify, an order for a selectedsecurity or group of securities, over which that user has discretion, byinteracting with the grid-based graphical interface.

[0183] Typically, the trader engages in trading securities throughestablished security trading markets; and typically the trader engagesin trading securities in real time.

[0184] Moreover, the connection which is made by the interactivegrid-based graphical trading system of the present invention is to anybackend system used by any market participant.

[0185] That connection with any backend system may be through suitablecommunications channels.

[0186] Moreover, the communication channels may include middleware usedby any market participant.

[0187] Of course, as before, the order data of the trader is chosen fromthe group consisting of: buy, sell or other trading orders existing atthat instant in time, for any selected security or group of securities.

[0188] Also, the quote data may be chosen from the group consisting of:bid price, ask price, last trade prices, bid size, ask size, last tradevolume, market participant identifier, and other quote parameters forany selected security or group of securities, and combinations thereof.

[0189] Typically, the interactive grid-based graphical trading system ofthe present invention is available through a computer at eachparticipating trader's site.

[0190] In keeping with the provisions of the present invention, the userof the interactive grid-based graphical trading system hereof may selectany particular securities for which data are electively required, at anyinstant in time.

[0191] The criteria relied upon by the interactive grid-based graphicaltrading system of the present invention may be chosen from the groupconsisting of: a specific security, a group of securities, an index, amarket participant, a group of market participants, a segment of time,and combinations thereof.

[0192] In general, the graphical representation is associated withgraphical properties chosen from the group consisting of: a distinctcolor, a distinct shape, distinct text labels, and combinations thereof;and wherein the graphical properties identify the cell as representingdata for at least one order or at least one quote.

[0193] Also, in the interactive grid-based graphical trading systemhereof, the market trading data is transmitted to each the grid-basedgraphical interface at the site of the any trader from the backendsystem of any market participant, in computer-readable electronicformat.

[0194] Of course, any user of the interactive grid-based graphicaltrading system of the present invention may accomplish the interactionby a drag and drop operation.

[0195] Another aspect of the present invention provides for aninteractive trading system for use by any trader who engages in tradingsystems through established security trading markets, in essentiallyreal time.

[0196] That recommendation system comprising at least one input data,wherein the input data is chosen from the group consisting of: tradingaccount data, securities data, preference data, risk data, andcombinations thereof.

[0197] Process means are provided to analyse the input data, and tooutput a recommendation as to the size or volume of an order;

[0198] Typically the recommendation is a numeric value.

[0199] In the interactive trading recommendation system of the presentinvention, the trading account data may be chosen from the groupconsisting of: cast in a trading account, the market value of stocks ina trading account, the value of bonds in a trading account, andcombinations thereof.

[0200] Also, the securities data may be chosen from the group consistingof: the value of an index: the bid, ask or last trade price of asecurity, a group of securities, or an index: holding data on a securityor a group of securities; and combinations thereof.

[0201] Still further, the preference data may be chosen from the groupconsisting of: the minimum funds available for investment, the maximumfunds available for investment, the funds available for investment in anindustry sector or group. The percentage of cash holdings to invest, thepercentage of the portfolio to invest, the identity of a security, assetallocation data, the trader's investment objectives, and combinationsthereof.

[0202] The risk data may be chosen from the group consisting of: thevolatility of security or a group of securities, the volatility of anindex or group of indexes, a technical indicator, the profit or loss ona security or group of securities, and combinations thereof.

[0203] In the interactive trading recommendations system of the presentinvention, the recommendation may be represented as a GUI object.

[0204] If so, the GUI object is dragged and dropped onto a suitableorder entry interface of a trading system.

[0205] Still further, the recommendation may be made available to atleast one external system chosen from the group consisting of: asoftware object, a software application, a spreadsheet, a tradingsystem, a website, and combinations thereof.

[0206] In any aspect of the recommendation system of the presentinvention, at least one of the input data is manually entered.

[0207] Still further, at least one of the input data may be retrievedautomatically.

[0208] Typically, in the interactive trading recommendation system ofthe present invention, the order entry interface is a grid-basedgraphical interface.

[0209] Also, the interactive trading recommendation system of thepresent invention may be implemented as a self-contained, reusablesoftware component: wherein the software component is incorporatedwithin an application program intended for securities trading.

[0210] Moreover, the interactive trading recommendation system hereofmay be implemented as an integrated feature of an application programintended for securities trading.

[0211] In general, the numeric value of the recommendation made by therecommendation system of the present invention is representative of aparameter of trading order chosen from the group consisting of: units ofshares, units of lot size, number of contracts, and combinationsthereof.

[0212] Also, the numeric value may be rounded up or down to a standardlot size or contract size.

[0213] Another aspect of the interactive trading recommendation systemof the present invention provides for means to bias the numeric valuehigher or lower, in accordance with at least one criterion chosen fromthe group consisting of a technical indicator, a statistic, a parameterof a security, a group of securities, and an index.

[0214] In yet another aspect of the interactive trading recommendationsystem of the present invention, a display panel is associated with anorder entry function, and the display panel contains at lest one tabpage. The tab page is associated with an order entry function for aspecific order type, and the title of the tab of the page associates thespecific order entry type with the tab page. The order entry type maybechosen from the group consisting of: a market order, a limit order, astop order, a short order, a change order, an options order, a futuresorder, a mutual fund order, a bond order, a T-bill order, a money marketorder, and combinations thereof.

[0215] Still further, in the interactive grid-based graphical tradingsystem hereof, a displayed fixed price range associated with the priceaxis may be electively adjusted to display the price range in accordancewith the current trading price range or spread of a security or a groupof securities.

[0216] In the interactive graphical trading system of the presentinvention, any GUI object may be assigned specific visual or graphicalattributes or properties chosen from the group of graphical or visualattributes or properties consisting of: color, border, label indicator,graphic overlay, text overlay, and combinations thereof;

[0217] Also, the specific attribute or property assigned to any GUIobject maybe a function of the specific market trading data associatedtherewith.

[0218] As noted, any trader can modify the parameters of any order, overwhich that trader has discretion, for a selected security or group ofsecurities being displayed on the interactive graphical interface, atany instant in time, by selecting a relevant GUI object representing anorder using a pointing device interactive with the graphical interface,and dragging and dropping the selected GUI object representing an orderto a destination display panel or GUI object. The dragging and droppingof the selected GUI object representing an order causes the graphicalinterface to activate first process means to send transactioninstructions comprising an amendment of previous specific tradingparameters associated with the relevant selected order; and the secondprocess means electively effects an alteration of the specific visual orgraphical properties assigned to both the relevant GUI objectrepresenting an order and the destination display panel or GUI object.

[0219] In keeping with the present invention, the market trading datarepresenting specific order data and quote data for a selected securityor group of securities is represented by GUI objects, wherein each GUIobject representing quote data or order data is associated with aspecific price or range of specific prices for any given security orgroup of securities, and wherein the market trading data represented byGUI objects includes a plurality of specific components related toselected market parameters associated with that data.

[0220] Also, the trading data for any selected security being displayedat any instant in time by any trader may be constantly updated havingregard to new trading data being received by the graphical interface forthat selected security.

[0221] The interactive graphical trading system of the present inventionmay further include a display panel. The display panel containsindividual icons representing each security held by any respectivetrader in that trader's account.

[0222] Each icon represents a security position held by that trader inthat trader's account, and any such icon is dragged and dropped onto adisplay panel of the graphical interface. The drag and drop operation onany selected icon causes the graphical interface to issue transactioninstructions.

[0223] Also, a text label may indicate at least one parameter selectedby a trader for the at least one order or at least one quote representedby the GUI object. The at least one parameter may be chosen from thegroup consisting of order type, the quantity of units of the selectedsecurity, the symbol of the selected security, the duration of theorder, and combinations thereof.

[0224] Another aspect of the present invention provides that atransaction may be effected by dragging and dropping a GUI objectrepresenting a specific trading instruction, for a specific security,from one display panel on the graphical trading system to anotherdisplay panel.

[0225] Also, a transaction may be effected by dragging and dropping aGUI object representing a specific trading instruction, for a specificsecurity, from a graphical interface to an alternate GUI object.

[0226] If so, specific trading instruction affects a cancel orderinstruction for the specific security.

[0227] Still further, a transaction instruction that changes a parameterassociated with an existing open order may be translated by middlewareused by any market participant, so as to appear to the trader as asingle seamless instruction.

[0228] The interactive graphical trading system of the present inventionallows for a trading order transaction to be effected by dragging anddropping a selected GUI object representative of an intended transactiononto a destination GUI object on the graphical interface. The draggingand dropping of the selected GUI object causes the graphical interfaceto apply the first process means, so as to result in the placement of anew order with a market participant; the new order includes specifictrading parameters. The second process means electively alters thespecific visual or graphical properties assigned to both the selectedGUI object and the destination GUI object.

[0229] If there's an open order for a specific security for which atrader has discretion, it may be cancelled by dragging and dropping aselected GUI object associated with the specific open order from thegraphical interface to a selected GUI object associated with a canceltransaction order. The dragging and dropping of the GUI object causesthe interactive graphical trading system to apply the first processmeans so as to result in the placement of a cancel order instructionwith the associated market participant; and the cancel order instructionincludes specific parameters. The second process electively alters thespecific visual or graphical properties assigned to the selected GUIobject.

[0230] In the software object of the present invention, the GUI objectsfurther comprise at least one additional axis; the at least oneadditional axis is associated with data elements with at least oneadditional dimension: The at least one additional axis is associatedwith at least one criterion;and the at least one criterion is selectedfrom the group consisting of: a market participant, a group of marketparticipants, a security, a group of securities, an index, an intervalof time, and combinations thereof;

[0231] The price axis and the at least one additional axis combine todefine a multi-dimensional coordinate system; and the number ofdimensions of the multi-dimensional coordinate system is determined bythe number of axes: Thus, the multi-dimensional coordinate systemfunctions as a reference for displaying the GUI objects onto agrid-based graphical interface.

[0232] Displaying a GUI object comprises one or a plurality of methodsfor determining the positions where the GUI objects are to be renderedon the grid-based graphical interface: At least one method correlatesthe numeric price values of the price dimension with the numeric pricevalues associated with the price axis; and at least one methodcategorizes the data elements according to the one or a plurality ofcriteria associated with the at least one additional axis.

[0233] The positions of the GUI objects are determined with respect tothe multi-dimensional coordinate system, and the positions aredetermined for the purpose of displaying the GUI objects onto thegrid-based graphical interface.

[0234] In the software object of the present invention, the at least onemarket participant may possess at least one trading system physicallyseparated from the computer where the software object is executing. Ifso the trading system is accessible to the software object throughcommunication channels.

[0235] Also, the at least one market participant may possess at leastone trading system physically residing in the same computer where thesoftware object is executing.

[0236] The software object of the present invention, is capable ofconnecting, receiving, and retrieving trading data from at least onedata source, which is physically separated from the computer where thesoftware object is executing. The at least one data source is accessibleto the software object through communication channels, and the at leastone data source is a diverse system. The communication is facilitated bymiddleware.

[0237] In software object of the present invention, the price axis maybe indirectly related to the range of trading prices associated with aspecific security, wherein the price axis is representative of amathematical formula. The mathematical formula may be based on thedifference between a price parameter of a specific security and areference value, and the reference value may be selected from the groupconsisting of: the previous closing price of the security, the bidprice, the ask price, the last trade price, an index value, and theaverage, the high, or the low of the security's price or the index valueover any given period of time. The price parameter may be selected fromthe group consisting of: the last trade price, the limit order price,the stop order price, or combinations thereof.

[0238] Also, the price axis maybe partitioned into a plurality ofsegments, wherein each of the plurality of segments is associated withthe result of the application of the mathematical formula to the dataelements. Each of the plurality of segments is labeled with a nominalnumeric value representative of the result.

[0239] It is possible for the interactive grid-based graphical quotepresentation system of the present invention communication channels tobe network-based, so that at any instant in time a connection betweenany trader and a backend system of any market participant may bepersistent or intermittent.

[0240] Of course, the network may generally be the Internet.

[0241] In the interactive grid-based graphical quote presentation systemof the present invention any cell in the plurality of cells maybeassigned specific visual or graphical attributes or properties chosenfrom the group of graphical or visual attributes or propertiesconsisting of: color, border, label indicator, graphic overlay, textoverlay, and combinations thereof. The specific attribute or propertyassigned to any cell may be a function of the specific market tradingdata associated therewith.

[0242] Of course, the axis associated with price may be presented as aspecific price range above and a specific price range below the lasttraded price of a selected security or groups of securities at anyinstant in time, and the last traded price is present on the price axis.

[0243] In any aspect of the present invention, the communicationchannels may include middleware used by any market participant.

[0244] In the interactive grid-based graphical quote presentation systemof the present invention, the price difference between two adjacentcells along the price axis may be the minimum price variance (MPV), or amultiple of the minimum price variance, for any selected security orgroups of securities being displayed at any instant in time.

[0245] Also, the market trading data representing specific quote datafor a selected security or group of securities may be presented in amatrix comprising a plurality of rows and a plurality of columns ofcells, wherein each row of cells or each column of cells is associatedwith a specific price or range of specific prices for any given securityor group of securities. The market trading data being displayed in anycell may include a plurality of specific components related to selectedmarket parameters associated with the data.

[0246] Of course, the specific quote data may be linked and associatedto a respective one of a set of GUI objects in the grid-based graphicalinterface at each trader's location.

[0247] Where there is middleware being employed, the middleware mayfunction to translate data and instructions sent over any communicationchannel into a format that is understood by the grid-based graphicalinterface at any trader's location, or a respective backend system atany market participant's location.

[0248] In general, the grid-based graphical interface for any trader hasdata storage.

[0249] Also, in general middleware has associated data storage relevantto the grid-based graphical quote presentation system.

[0250] It is possible in the interactive grid-based graphical quotepresentation system of the present invention for a selected security forwhich trading data is displayed at any instant in time to be changed toanother selected security by any trader, at any instant in time.

[0251] Also, the trading data for any selected security being displayedat any instant in time by any trader may be constantly updated havingregard to new trading data being received by the grid-based graphicalinterface for that selected security.

[0252] In the interactive grid-based graphical quote presentation systemof the present invention, one of the plurality of rows or one of theplurality of columns of cells may be associated with at least one marketparticipant, so that each cell can represent one or more specific quotedata being posted by at least one market participant for the selectedsecurity or item being displayed at any instant in time.

[0253] Also, cells representing a selected quantity of buy orders at ornear the bid price, and different cells representing a selected quantityof sell orders at or near the ask price, which represent market tradingdata being posted by a market participant for a selected security, maybe simultaneously displayed.

[0254] In general, the graphical properties of the interactivegrid-based graphical quote presentation system of the present inventionare chosen from the group consisting of: a distinct color, a distinctshape, distinct text labels, and combinations thereof The graphicalproperties identify the cell as representing data for at least onequote.

[0255] The interactive grid-based graphical quote presentation system ofclaim 177, wherein a text label indicates at least one parameterselected by a trader for the at least one quote represented by the cell;wherein the at least one parameter is chosen from the group consistingof order type, the quantity of units of the selected security, thesymbol of the selected security, the duration of the order, andcombinations thereof.

[0256] The interactive grid-based graphical quote presentation system ofclaim 77, wherein additional data is associated with each cell; wherebythe additional data can be electively displayed by clicking orright-clicking on the cell; and wherein the additional data is chosenfrom the group of data consisting of: the number of orders associatedwith the cell, the total volume or number of contracts, the total dollarvalue of the orders outstanding, the total volume of the orders traded,and the lot size outstanding, and combinations thereof.

[0257] The data displayed on a display panel on a display device at anytrader's location may include text based quote data and related summarystatistics for a selected security or group of securities at any instantin time.

[0258] That text based quote data and related summary statistics mayinclude data chosen from the group consisting of: the exchange or marketwhere the selected security is being traded, the current bid price, thecurrent ask price, the current bid size, the current ask size, the lasttrade price, the size of the last transaction in terms of the number ofunits of the selected security traded, the change in the price of thelast trade with respect to the closing price of the previous session,the volume in terms of the number of units of the selected security thathad been traded during the current trading session, the high price ofthe session, the low price of the session, the opening price of thesession, and combinations thereof.

[0259] Of course, the price values represented by the price axis may beelectively associated with an absolute price or price range, or arelative price or price range.

[0260] If so, the adjustment of the price values, and the alteration ofthe associated visual or graphical properties of each cell, along theprice axis, is typically under the control of third process means.

[0261] In the interactive grid-based graphical quote presentation systemof the present invention the relevant visual or graphical properties ofany cell associated with quote data may dynamically change in responseto an amendment of its original properties, and in relation with thevalues represented by the cell's respective axes.

[0262] The displayed price range for any price axis may be automaticallydetermined according to a set of relevant market trading data.

[0263] If so, the range of price values which are displayed along theprice axis, and the price value for a selected row or column may bedetermined for each selected security at any instant in time as a factorof one of the criteria chosen from the group consisting of, the closingprice for that security during the prior session, the opening price forthat security during the current session, the highest price paid forthat security during the current session, the lowest price bid for thatsecurity during the current session, and the last price paid for thatsecurity, and combinations thereof.

[0264] The criteria for which at least one column of a matrix isdetermined, may be chosen from the group consisting of: a marketparticipant, a security, a component of an index, an index, aggregatetrading data from a plurality of market participants, the tradingactivity of a market participant during the current session, the tradingactivity of a component of an index, the pending orders of the marketparticipant at any instant in time, aggregate buy order data from aplurality of market participants, aggregate sell order data from aplurality of market participants, and combinations thereof.

[0265] Of course, in any interactive grid-based graphical quotepresentation system hereof, any axis not associated with the price axiscan represent any market criteria other than price.

[0266] In an interactive grid-based graphical system of the presentinvention, the grid-based graphical interface for any trader may havememory means associated therewith, whereby a record function storesmarket trading data in the memory at selected time intervals. Thus, areplay function for the data, to recall that market trading dataassociated with the selected time intervals, and to graphically displaythe data over a selected time period, may be selectively invoked by atrader.

[0267] Of course, any specific color, text label, pattern, shape, ortexture may be associated for each different type of trading order whichis displayed in any cell.

[0268] Thus, any specific color, texture, text label, shape, or patternmay be associated with each cell representing an ask price, or a higherprice than the ask price, for any selected security in any given market;and wherein a different specific color, texture, text label, shape, orpattern may be associated with each cell representing a bid price, or alower price than the bid price, for any selected security in any givenmarket.

[0269] The interactive grid-based graphical quote presentation system ofthe present invention further include fourth process means that functionto transform NASDAQ Level II data for any selected security, at anyinstant in time, into a format suitable for display on the grid-basedgraphical interface.

[0270] The interactive grid-based graphical quote presentation systemhereof may also further include fifth process means that function totransform a stock exchange's market depth data, or an ElectronicCommunication Network's (ECNs) electronic order book for any selectedsecurity, at any instant in time, into a format suitable for display onthe grid-based graphical interface.

[0271] The replay function noted above maybe controllable so thatplayback of market trading data is accelerated in time, orde-accelerated in time, and displayed visually.

[0272] Also, the market trading data which is displayed for a selectedsecurity at any instant in time can be electively filtered to display asubset of the trading data, which subset satisfies criteria based atleast on one parameter associated with the data.

[0273] It will be understood that columns representative of a parameterof the trading data can be arranged automatically based on criteriadefined by a trader.

[0274] Of course, columns representative of a parameter of trading datacan be arranged manually through a drag and drop operation of arespective column header by a trader.

[0275] It will also be understood that any icon may be chosen from thegroup of images consisting of; the logo of the company associated withany security, the trading symbol of the security, the type of security,the quantity of units of the security, the type of order for thesecurity, the status of the order for the security, and combinationsthereof.

[0276] In the interactive grid-based graphical quote presentation systemof the present invention any cell representing a specific quote may bedisplayed relative to the price axis, wherein the position of any cellis determined by the difference between the price associated with aspecific quote and the price associated with a base price indicator onthe price axis. At least one cell representing a specific quote isdisplayed.

[0277] Differences in the values of the price dimension associated withorder data and quote data may be represented through positionaldistinction, by plotting GUI objects representative of that order dataand quote data onto specific positions on the drawing area; and whereinthe specific positions are determined by mapping the value of the pricedimension against the values associated with the price axis.

[0278] Of course, the trading data may be representative of NASDAQ LevelII data.

[0279] Also, any selected security for which trading data is displayedat any instant in time may be changed to another selected security byany trader, at any instant in time. The trading data can be electivelyfiltered to display a subset of the trading data, which subset satisfiescriteria based at least on one parameter associated with the tradingdata.

[0280] It is also possible that the backend trading system maybe marketsimulation software.

[0281] In the software object of the present invention, differences inthe values of the price dimension and the values of the additionaldimensions associated with the order data and quote data may berepresented through positional distinction, by plotting the GUI objectsrepresentative of the order and quote data onto specific positions onthe drawing area. The specific positions are determined by mapping thevalue of the price dimension and the values of the additional dimensionsagainst the values associated with the price axis and the valuesassociated with the at least one additional axis.

[0282] The axis associated with price may be presented as a specificprice range above and a specific price range below the last traded priceof a selected security or groups of securities at any instant in time.

[0283] The price difference between two adjacent cells along the priceaxis may be the minimum price variance (MPV), or a multiple of theminimum price variance, for any selected security or groups ofsecurities being displayed at any instant in time.

[0284] Of course, specific order data and specific quote data may belinked and associated to a respective one of a set of GUI objects in thegrid-based graphical interface at each trader's location.

[0285] Data communications established over communications channels maybe in keeping with selected protocols which are established tostandardize data interchange between the grid-based graphical interfacecommunicating over any communications channels with any backend systems;and of course the data communications may electively use secure dataencryption modes.

[0286] It will be understood that cells representing a selected quantityof buy orders at or near the bid price, and different cells representinga selected quantity of sell orders at or near the ask price, whichrepresent market trading data being posted by a market participant for aselected security, may be simultaneously displayed.

[0287] In the interactive grid-based graphical trading system of thepresent invention, a plurality of grid-based graphical interfaces may bepresented in a plurality of overlapping tab pages. The tab for any ofthose pages can be selected, and a plurality of tab pages may becontained in at least one display panel on the display device. The atleast one grid-based graphical interface is associated with one tab pageor one display panel at any instant in time.

[0288] Of course, the specific visual or graphical properties of any tabpage may change at any instant in time, as a result of a specific eventoccurring.

[0289] If so, the specific event may be triggered by specific market oruser defined criteria related to the tab page, or to the securitiesassociated with the tab page.

[0290] Any interactive grid-based graphical trading system in keepingwith the present invention may further include software whose purpose isto review and weigh a trader's cash position and portfolio holdings, soas to make a recommendation on an order parameter for a trading orderfor a selected security, at any instant in time, where therecommendation is a function of an order parameter chosen from the groupof order parameters consisting of: the bid price, the bid size, the askprice, the ask size, the last trade price, the volume or contractstraded over an interval of time, the volatility, the liquidity, andcombinations thereof, for that selected security at any instant in time.

[0291] The order parameter is at least one of the size of the tradingorder, the quantity of the trading order, price of trading order, andduration of trading order for the selected security.

[0292] When the graphical display at any trader's location includes adisplay panel containing data categorized as NASDAQ Level II data for aselected security at any instant in time. The NASDAQ Level II dataincludes at least one set of data which is chosen from the groupconsisting; the identity of a market participant whose data is beingdisplayed, the bid price and size associated with a given marketparticipant's data, the ask price and size associated with a marketparticipant's data, and combinations thereof.

[0293] Of course, in the interactive grid-based graphical trading systemof the present invention, wherein columns representative of a parameterof trading data can be arranged automatically based on criteria definedby the trader.

[0294] Also, columns representative of a parameter of the trading datacan be arranged manually through a drag and drop operation of arespective column header by the trader.

[0295] In the interactive grid-based graphical trading system hereof, aselected tab page associated with a given security may become the activetab page as a result of at least one user interaction associated withthat security.

[0296] Also, a tab page is automatically created, at any instant intime, and may be associated with a specific security, as a result of atleast one user interaction associated with that security. It will beunderstood that the created tab page for the specific security does notexist prior to the user interaction.

[0297] Prior Art

[0298] U.S. Pat. No. 6,058,379, issued May 2, 2000 in the name of Odomet al teaches a networked exchange method in which a commodity may betraded from a seller to a purchaser using an exchange processor. A modeof operations for an exchange is specified, a commodity is identifiedand listed, and the listing is accessed by a potential purchaser. Thepotential purchaser accesses the network-based exchange, a negotiationoccurs by processing information generated by the potential purchaser;and at the conclusion of the negotiation the concluded negotiation iscleared. All of the transaction software is driven by the exchange wherethe transaction is concluded.

[0299] Belzberg U.S. Pat. No. 6,134,535, issued Oct. 17, 2000, teaches acomputerized stock exchange trading system where a graphical userinterface is employed to automatically format orders from a spreadsheetto an order entry system. Parameters such as a share symbol, priceselection, order size, and transaction type, as well as other indicatorsfor the trading order, may be chosen using the graphical user interfaceand a mouse. The interface may be programmed so that data concerning agroup of shares may be read from a spreadsheet which is formulated intoan order, or in response to a signal from the trader whereby an index orbasket of shares may be traded substantially instantaneously.

[0300] U.S. Pat. No. 6,195,647, issued Feb. 27, 2001 to The Nasdaq StockMarket, Inc., in the name of Martyn et al. This patent teaches a dataprocessing system for on-line transactions whereby securities may betraded, wherein any user may configure his or her display so as toemploy certain functions and to show displays for any particularsecurity. Additional information may be displayed, such as informationabout selected securities, trade activity may be monitored, a trade maybe participated in, or reported. It is also possible for a user todisplay information for a selective set of securities on a continuouslyupdated basis, where any of the securities can be easily selected from adisplayed list. Certain information and functions associated with theselected security may also be displayed.

BRIEF DESCRIPTION OF THE DRAWINGS

[0301] The novel features which are believed to be characteristic of thepresent invention, as to its structure, organization, use and method ofoperation, together with further objectives and advantages thereof, willbe better understood from the following drawings in which a presentlypreferred embodiment of the invention will now be illustrated by way ofexample. It is expressly understood, however, that the drawings are forthe purpose of illustration and description only and are not intended asa definition of the limits of the invention. Embodiments of thisinvention will now be described by way of example in association withthe accompanying drawings in which:

[0302]FIG. 1 is a schematic representation of a prior art systememployed particularly by stock brokers for trading purposes by remotelylocated traders;

[0303]FIG. 2 is another schematic representation of a different,browser-based front end system currently employed by brokers forremotely located traders;

[0304]FIG. 3 shows typical data displayed on a grid, in keeping with thepresent invention;

[0305]FIG. 4 shows a logical architecture for the front end functionalunit;

[0306]FIG. 5 is a block diagram of the internal architecture of thefront end of a system in keeping with the present invention;

[0307]FIG. 6 is a block diagram of the order/transaction processingsubsystem and order routing subsystem, in keeping with the presentinvention;

[0308]FIG. 7 is a block diagram of the account management subsystem;

[0309]FIG. 8 is a block diagram of the order execution subsystem;

[0310]FIG. 9 is a block diagram of a prototypical back-end tradingsystem;

[0311]FIG. 10 shows atypical grid representation of data displayed at atrader's graphical user interface computer display;

[0312]FIG. 11 is a view similar to FIG. 10, but with the price databeing shown in larger intervals;

[0313]FIG. 12 is atypical computer monitor display at a traderslocation, showing various kinds of data;

[0314]FIG. 13 is a view similar to FIG. 12, but showing additional databeing displayed in a different manner;

[0315]FIG. 14 shows a detailed view of a holdings tab chosen from FIGS.12 or 13, in greater detail;

[0316]FIG. 15 shows much the same data as in FIG. 14, but in iconformat;

[0317]FIG. 16 shows data chosen from the market order entry tab, chosenfrom FIG. 12;

[0318]FIG. 17 shows data typically found on a limit order tab chosenfrom FIG. 12;

[0319]FIG. 18 shows data typically found on a stop order tab chosen fromFIG. 12;

[0320]FIG. 19 shows data typically found on a change order tab chosenfrom FIG. 12;

[0321]FIG. 20 shows a representation of an open order tab, chosen fromFIGS. 12 or 13;

[0322]FIG. 21 shows much the same data as in FIG. 20, but in iconformat;

[0323]FIG. 22 is a view similar to FIG. 21, but showing a representationof a right click menu associated with an icon;

[0324]FIG. 23 shows a representation of a fill orders tab, chosen fromFIGS. 12 or 13;

[0325]FIG. 24 shows data chosen from an options order tab, chosen fromFIG. 12;

[0326]FIG. 25 is a view similar to FIG. 10, but showing a situation withfalling prices on a fixed price axis;

[0327]FIG. 26 shows similar data to that of FIG. 25, but with thefalling price being centered on the price axis;

[0328]FIG. 27 is a representation of prices for an option series, withone column showing an aggregate price;

[0329]FIG. 28 shows a typical price data display having a limit buyorder;

[0330]FIG. 29 is similar to FIG. 28 with the limit buy order having beenmoved to another market participant;

[0331]FIG. 30 shows data from FIG. 29, but only displaying bid and askquotes for each active market and with a limit buy order being shown;

[0332]FIG. 31 is a similar view to that of FIG. 29, but showing a stoploss limit order;

[0333]FIG. 32 shows a display of a stop loss limit order after the stopprice has been triggered and the limit sell order is in effect;

[0334]FIG. 33 shows similar data to that of FIG. 31, but with a columnshowing aggregate data being displayed;

[0335]FIG. 34 shows the same data as FIG. 33, but with the lot size foreach selected cell being shown;

[0336]FIG. 35 shows data for the aggregate column only of FIG. 34, butwith additional graphical representation of lot size and orders;

[0337]FIG. 36 shows the data from FIG. 35 being shown horizontally,together with a chat screen for a chat session which is occurring;

[0338]FIG. 37 provides information for a single column quote datatogether with associated company chart and profile information;

[0339]FIG. 38 shows the same data as in FIG. 28, but with a right clickmenu having been activated for a selected buy cell;

[0340]FIG. 39 represents the settings which may be established when areplay tab is chosen from FIG. 12;

[0341]FIG. 40 is a representation of the settings which may beestablished when the Position Guide block from FIG. 12 has been chosen;

[0342]FIG. 41 is an optional display where data for three securities isshown being displayed horizontally;

[0343]FIG. 42 is a typical display showing a NASDAQ Level II data beingdisplayed;

[0344]FIG. 43 shows a box in which special terms criteria may be set forany transaction;

[0345]FIG. 44 shows a representation of an option chain for optionsconcerning a particular security;

[0346]FIG. 45 is an alternative showing a data similar to FIG. 44, witha right click menu of column display choices being shown for displayedput data;

[0347]FIG. 46 is an alternative showing a data similar to FIG. 44, witha right click menu of column display choices being shown for displayedcall data;

[0348]FIG. 47 shows data similar to that of FIG. 35, together withNASDAQ Level II data;

[0349]FIG. 48 shows a display having multiple buy and sell orders withtheir relative position to the bid and ask prices, together withactuating buttons for each price representation;

[0350]FIG. 49 shows an alternative mode of display to the data shown inFIG. 48;

[0351]FIG. 50 shows a typical multiple security display with a quotedisplay associated with a selected column, and a highlighted tab;

[0352]FIG. 51 shows a consolidated quote view for selected securitieswithin a selected grouping;

[0353]FIG. 52 provides similar data to FIG. 50, with each column beingrelated to a specific security;

[0354]FIGS. 53a, 53 b, and 53 c show the manner in which price data maybe mapped to any selected cell, where the price range represented bythat cell may be changing;

[0355]FIG. 54 illustrates a further embodiment of the present inventionemploying a grid-based graphical interface as a software object; and

[0356]FIG. 55 illustrates details of a further visual manifestation ofthe software object.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0357] The novel features which are believed to be characteristic of thepresent invention, as to its structure, organization, use and method ofoperation, together with further objectives and advantages thereof, willbe better understood from the following discussion.

[0358] Turning first to FIGS. 1 and 2, two prior art systems are shownwhich employ different front ends. In the prior art system of FIG. 1,showing a system architecture which is in place and which is operated byBroker # 1, the system 11 comprises a proprietary front end 12, aproprietary protocol 14, an optional middleware 16, and the backendsystem 18. The optional middleware 16 and the backend system 18 arelocated on the premises of Broker # 1, who communicates through aproprietary protocol 14 to the proprietary front end 12.

[0359] In the prior art system of FIG. 2, the system 21 includes aweb-based application which presents a web-based front end.

[0360] Communication is carried out through the Internet, as shown at24. Within the premises of Broker # 2, there is a web server 26, theremay be optional middleware 28, and there is a backend system 30.

[0361] Either interactive grid-based graphical trading system 12 or 22is what a trader will see on his computer, and it is the tool that thetrader uses to get quotes, manage his account with the respectivebrokerage firm, buy and sell shares or securities in general, and totrack his transactions. Simple front ends tend to be implemented as webapplications, as indicated in FIG. 2; however, any proprietary front endmay also be employed. Any of these systems offer satisfactoryperformance, but proprietary front ends are generally not helpful, whenit comes to visualizing market information. Web-based front ends aregenerally quite slow, because both the user interface and the data mustbe processed remotely at the web server or at the back end.

[0362] Of course a, system such as that shown in FIG. 2 is easy todeploy, manage, and maintain, if it is web-based because of itscentralization at the premises of the respective broker.

[0363] If a proprietary front end is used, that system involves theinstallation of application software at the local computer employed bythe trader. Those systems tend to be somewhat faster and more graphical,and they maybe more interactive than strictly web-based applications,because the application is run locally. Of course, as with any locallyinstalled software which is located at a desktop computer, or even on asmall local area network operated by the trader, the software is proneto installation and maintenance problems, file corruption, versionconflicts, and upgrade problems.

[0364] If either backend system 18 or 30 exists in conjunction with anyembodiment of the present invention, it is because they are the backendsystems that are operated by respective brokers, electroniccommunication networks (ECNs), or even stock exchanges, and the like.Any such backend system may likely reside in a high end UNIX machine.Any backend system will generally have the responsibility for handling anumber of tasks.

[0365] They include account management. This is the responsibility formanaging and keeping all data up to date for each account—each customeror various accounts run by a customer—that is handled by that marketparticipant. As noted, a market participant might be a broker, it mightbe an approved electronic communication network, or it might be a stockexchange, commodity exchange, futures exchange, bourse, or auctionsystem.

[0366] Another task charged to the backend systems which function in theprior art, and which function in association with the present invention,is that of processing buy orders and sell orders for each buytransaction and for each sell transaction which that market participantundertakes to perform.

[0367] Still further, the backend system is responsible for orderexecution, whereby each buy transaction and each sell transaction whichthe market participant undertakes to perform will be executed.

[0368] The backend system is also responsible for datafeed handling,whereby streaming data concerning any orders or quotes for any selectedsecurity is disseminated on request to any trader, as discussedhereafter.

[0369] Finally, any backend system described herein will also beresponsible for system management, for purposes of maintaining securityand operation of the respective backend system of that marketparticipant.

[0370] A communication protocol is required in prior art systems, aswell as in the present system. In the prior art systems, thecommunication protocol for proprietary front end 12 is one which is usedto securely transmit data from a proprietary front end 12 to the backendsystem 18, and in the reverse direction. Usually, such proprietaryprotocol is built on top of TCP/IP sockets, most likely using some formof data encryption.

[0371] For prior art systems of the sort shown in FIG. 2, where Internetcommunication is employed in association with web-based front end, atypical communication protocol is HTTP or HTTPS.

[0372] A middleware component is employed, as shown at 16 and 28 inFIGS. 1 and 2, or as will be shown in FIG. 4 which is discussedhereafter. The purposes for the middleware are discussed hereafter.

[0373] There is appended hereto a Trading Glossary, which is provided soas to assist the reader in understanding certain trading terms, andterms relating to market, in various manifestations. All of the termsmentioned in the appended Trading Glossary are not necessarily employedherein; but when such terms are employed, and their meaning is unclearfrom the context, then reference should be made to the appended TradingGlossary.

[0374] Also, throughout the discussion which follows, and as shown inmany of the Figures of drawings which are described, the names of realsecurities and of real stock exchanges and other market participants,Electronic Communication Network (ECN) trading systems, and the like,may be noted. The use of such names and identities is not intended tosuggest any endorsement or connection with, or position in, any suchsecurity, stock exchange, or ECN, by the inventor or anyone associatedwith him.

[0375] Markets exist to bring buyers and sellers together to efficientlyexchange goods and services. In a public marketplace, buyers and sellersmake transactions directly or via intermediaries. At a basic level, amarket requires the sellers price and terms to sell a given quantity ofproduct. The market participants also need to know the prices thatbuyers are willing to pay for an item. Often, the price per unitdecreases if a larger quantity of product is under negotiation. When thebuyers and sellers agree in price and quantity, a transaction or tradecan occur.

[0376] In the securities market, the bid price represents the highestprice any buyer is willing to pay for a quantity of a security at agiven time. The ask price is the lowest price that any seller or dealeris willing to sell a given security or commodity for. When the bid orask price is in an acceptable range, trading activity in a givensecurity will usually become more active.

[0377] Supply and demand prices vary throughout a trading session andthe bid and the ask are typically at differing prices.

[0378] Information about the activity of a market is disseminated(usually in real-time) in electronic format through data feeds. A quoteis a type of data feed containing information about the buy and sellprices for the securities traded on the market. Separate data feeds areavailable for trades, news, and other useful information.

[0379] Buy and sell quotes on marketable products are disseminated invarying detail. In financial markets like the stock markets, basic quoteinformation on securities is readily available over the internet. Abasic quote on a security details the last trade price, the bid and askprice, and the change from the previous close. Often, the size of thebid and the ask, the trading day's high price and low price, the volumeof the last trade, and the overall session volume is also disclosed.

[0380] A more detailed quote is also available. The detailed quotesdisseminated by the NASDAQ stock market are called “NASDAQ Level II”, orsimply “Level II” quotes. This type of quote is of interest to moreactive traders, because it allows them to track the activity of marketmakers that they believe to be price-trend setters. It also allows thosewith the capability, to buy and sell their posit ions quickly, when itbecomes apparent from Level II information that the momentum of themarkets has turned against them. With a Level II display, the identityof market makers and ECNs is disclosed and order information on eitherside of the bid and ask are visible. However, not all exchanges ormarkets provide order or quote information that allows a trader to viewthis detailed type of quote for all securities.

[0381] Still more detailed, are market book quotes, which are order andquote information provided by some Electronic Communications Networks(ECNs) such as Island ECN and Archipelago, and stock exchange such asthe Toronto Stock Exchange (TSE), which can display buy and sell ordersindividually listed on the ECN's or an exchange. The market books listsbuy and sell orders, the number of shares in each order, and the pricesoffered. Orders are listed according to price and in time priority, soorders displayed close to the bid and ask on the list will be executedbefore orders further away in the list.

[0382] Not every quote feed from a stock exchange, stock market,electronic communications network, or quote dissemination servicesupplies a suitable data feed capable of providing information on thequantity of a security available at each price level during a giveninstant in time. Exchanges sometimes provide restricted orsubscription-based access to similar information, however, some marketparticipants prefer to keep their market book details confidential.

[0383] Depending on the opportunity and technology available, more thanone market or network may exist to facilitate trading in a givensecurity or commodity. When more than one market exists for a givenproduct, there is a tendency to link the market information together tocompare quote information and trading activity. Technology and computernetworks make possible the linkage of the data feed (quotes, trades,news, etc) and order-placement facilities of different markets. As aresult of this linkage, bid and ask prices tend to mirror each other, asfinancial intermediaries such as arbitrageurs trade products betweenmarkets when price discrepancies arise.

[0384] There has been a trend in recent years to trade stocks andoptions in more than one market or exchange. Exchanges like the NYSE andstock markets like NASDAQ have made strategic alliances with overseasexchanges to promote trading activity and facilitate listing activesecurities in other countries. In the US, options on a given securityare often quoted and traded in multiple options exchanges.

[0385] Quote data on securities is often presented in alphanumeric textformat. When working with a basic quote, and more than one security isbeing monitored or traded, the quote data is often displayed in multiplerows and columns of text similar to a spreadsheet. Each row represents adifferent security, while columns show attributes such as thesecurities' symbol, bid, ask, last trade price, change from previousclosing price, the volume, low price, and high price of the currenttrading session.

[0386] The text based presentation is often difficult to interpret at aglance. Discerning patterns from the text based quote information of anindividual stock or a group of stocks is also difficult. Withexperience, some traders develop buy and sell “indicators” which assistthem in speculating on the direction of a given commodity or security.

[0387] The order placement process in many computer-based tradingsystems requires the user to interact with a form—which is a collectionof graphical elements (e.g. text input area, label, button, etc) throughwhich the user issues commands and/or keys data into the computersystem. Once an order is placed, the status of the order and itsrelation to the market is not always spatially apparent. Similarly,desired changes to the resulting open order also take a forms-basedapproach, which often increases the time spent on the process as aresult of the time necessary to refresh screens and download the reviseddata. The time taken to place a trade and to change an open order oftenrequires that a trader shift attention to the mechanism of the userinterface, rather than to maintain a focus on the market or the securityin question, and hence obtain additional beneficial insight.

[0388] For securities, the minimum price variance (MPV) is the minimumamount by which the price of a security can change. The MPV is typicallyset by the primary marketplace for a given security or product. Ininvestment terminology, the “bid” is the highest price a buyer iswilling to pay for an investor's shares, while the “ask” is the lowestprice at which a seller will sell shares. The difference between the twois called the spread. A smaller MPV will result in narrower spreadsbecause there are more price points in buying and selling thesecurities.

[0389] Take, for example, a hypothetical stock with a bid price of 45 ¼and an ask price of 45 {fraction (5/16)}. The spread between the “bid”and the “ask” is {fraction (1/16)} or 6.25 cents per share. In contrast,when stocks trade in penny increments, the number of price points perdollar is 100, meaning that the bid and ask prices can be closertogether.

[0390] A smaller minimum price variance (MPV) will be possible as aresult of the US exchanges and stock markets adopting a decimal format.Prior to decimalization, many US equities were traded and quoted at anMPV of {fraction (1/16)} or 6.25 cents, meaning there are sixteen pricepoints or “ticks” per dollar. Option prices over $3.00 have an MPV of ⅛,allowing eight price points per dollar. With decimalization, optionprices are expected to trade in 5 cent increments under $3.00, and in 10cent increments above $3.00.

[0391] It is an intent of the present invention to present quoteinformation for any market in a graphical manner, and hence assistinvestors and traders in gauging the direction and changes to a securityor asset's quote, price, and volume activity over an interval of time.It is also the intent of the present invention to allow traders andinvestors to view and review quote and order information in aggregateform, or across multiple markets, in an organized and meaningful manner.

[0392] It is also an intent of the present invention to assist tradersand investors in selecting the proper quantity of an item to buy andsell, and to graphically place the order to a selected market. It is afurther intent of the present invention to execute change orders in agiven parameter of an open order in a simple graphical manner that doesnot distract the trader or investor from the dynamics of the quotedisplay, while monitoring the investment.

[0393] Referring to FIG. 4, some similarities and some differences willbe noted with respect to FIGS. 1 and 2.

[0394] In the first instance, the system which is indicated generally at10, and which is the general architecture for the present invention,includes a front end 32. The front end 32 communicates through acommunication network 34 to a market participant 36. Protocol exchangesat 33 and 35 will accommodate internet communications using varyingprotocols, as is well known. At the premises of the market participant36, there may be a middleware component 42 installed, as well as thatparticular market participant's backend trading system 44.

[0395] Thus, the front end 32 may interface with diverse backend tradingsystems 44. Any market participant 36 may be such as a stock broker, anapproved electronic communication network trading system (ECN), a stockexchange, a commodity exchange, a futures exchange, a bourse, or anauction house.

[0396] The ability for the front end 32 to communicate with diversemarket participants 36 is possible because of the use of the middleware42 which facilitates communication between the front end 32, at the PCof any trader or user, and the proprietary backend trading system 44running on the heavily secured machines of the specific marketparticipant 36.

[0397] As noted, the front end 32 does not communicate with the backendtrading system 44 directly, but through middleware 42 if it is present,and also through the communication network 34, as well as interfaces 33and 35 as may be necessary. The specifications of these interfaces willconstitute a standard protocol which is based on eXtensible MarkupLanguage (XML).

[0398] The middleware 42 will translate instructions and data, which areencoded in the standard protocol, and which come from the front end 32into the native format understood by the actual backend trading system44. Instructions and data coming from the backend trading system 44 arealso converted to the standard protocol by the middleware 42, before itsends them back to the front end 32.

[0399] Thus, the front end 32 is shielded from the peculiarities of abackend trading system 44, which may be different for various marketparticipants, and it allows the front end 32, and particularly thegraphical display software and modes which are described hereafter, tobe re-used in other applications with minimal modification.

[0400] One important benefit of the middleware 42 is that it enables themarket participant 36 to supplement the base functionality of itsexisting backend trading system 44 with new, value-added functionality.Thus, a set or series of backend operations maybe grouped into “virtual”operation. An example of this is an order amendment transaction, whichwill be described hereafter. In existing trading systems, an “orderamendment” transaction requires that the user go through a two-stepprocedure: first, the original order is cancelled; then, a new order isissued. With the middleware 42 in place, a single virtual operation—theorder amendment operation—can be invoked by a trader. The middlewaretranslates the single virtual operation into the appropriately series oftrading instructions require by the back end trading system 44.

[0401] Of course, incorporating a series of operations into a single“virtual” operation is the responsibility of the respective marketparticipant 36, and is transparent to the end user—the user or traderwhose location includes a front end 32. The market participant 36 canoffer the resulting “virtual” operation to its customers as anew type oftransaction, and customers can make use of this new transaction justlike any other type of transaction.

[0402] Turning to FIG. 4, the front end has a three-layer logicalarchitecture, consisting of the user interface layer 46, an object layer48, and a communication layer 50. This design gives the front end 32 theadvantage of a clean, organized structure, wherein related softwarefunctions are grouped in independent layers, each layer communicatingwith the others using clearly defined programmatic interfaces.

[0403] The user interface layer 46 contains components that handle thegraphics operations of the grid and other graphical objects. Theseinclude the construction of the grid (using either an object-basedapproach, or using a frame-by-frame animation approach); dynamicoperations such as moving and highlighting the cells of the grid; andinteractive operations like responding to user actions, e.g. adjustingthe price intervals on the vertical axis when the user clicks on theappropriate graphical element (e.g. a button). These matters arediscussed hereafter, with reference to FIG. 5.

[0404] The object layer 48 groups together components that performbusiness logic, and components that implement utility functions. Thecomponents in this layer: (1) validate users' actions (performed onobjects belonging to the user interface layer 46); (2) translate users'actions into commands—if applicable—to be sent to the back-end tradingsystem via the communication layer 50; and (3) process return values,notification messages, or any other data sent by the backend tradingsystem (through the communication layer 50). The object layer 48 servesas an abstraction layer that shields the user interface layer 46 fromthe implementation of the lower level communication layer 50.

[0405] The communication layer 50 consists of components that act ascommunication “gateways” between the front end and the backend tradingsystem. This layer essentially translates programmatic requests (whichare in the native format of the operating system and applicationplatform of the front end) coming from the object layer. Thattranslation may be into Simple Object Access Protocol (SOAP) messages,but any suitable option for facilitating communication may be chosen. Itis to be noted that although SOAP is the primary protocol for front end32 to middleware 42 communication, other suitable protocols—such asWinsock—can also be employed.

[0406] The communication layer 50 is designed to accommodate the“plug-and-play” addition and removal of communication components, eachcomponent implementing a specific type of communication protocol (e.g.Winsock, SOAP) for interfacing with the backend trading system 44.

[0407] It will now be seen that the front end 32 is an important featureof the present invention, as it provides a graphically intuitive, fast,user-friendly application that any trader will use in order to get stockor other security quotes, manage their account with their respectivebrokerage firm or other market participant, buy and sell securities andstocks, track the status of those transactions, and track their currentposition vis-a-vis any selected security, their cash position, and soon.

[0408] Typically, the front end 32 operates on a Windows® platform, butnot necessarily. Other platforms may also be employed, including LINUX®,and other proprietary platforms.

[0409] As will be discussed hereafter, the graphical display employs GUIobjects to display security data in a dynamic fashion, very intuitively,and allows the trader to buy or sell securities with simple mouse clicksby interacting with the grid-based graphical interface, and by draggingand dropping GUI objects.

[0410] Turning now to FIG. 5, the internal architecture of the front end32, and the main program therein, is shown in terms of the functionalblocks which are operable at the front end 32.

[0411] The front end 32 consists of a main executable program—which actsas the overall “controller” of the front end—and several softwarebuilding blocks called “components” or “objects”. In a Microsoft Windowsimplementation of the front end, the main program is a Component ObjectModel (COM)-aware Win32 executable, and the software components are COMcomponents. However, in an implementation of the front end for anotheroperating system and application platform, the actual technologies usedmay be different, but the architecture will remain the same.

[0412] Unlike some monolithic Windows applications, which put togetherall functionality in a single package, the front end of the presentinvention leverages the power, ease of use, and the flexibility of usingMicrosoft's COM component technology. COM allows the front end toorganize functionality into multiple, independent, reusable softwarebuilding blocks called “components” or “objects”. (Note: although thereis a difference between these two terms—a component is made up of one ormore objects—and the two terms are used interchangeably herein.) Each ofthese components or objects encapsulates distinct softwarefunctionality, and interacts with other components through clearlydefined programmatic interfaces.

[0413] The front end 32 is similar to conventional Microsoft Windowsapplications in that it adheres to the visual (e.g. menu structure,status bars, buttons, etc.) and behavioral (e.g. right-click behavior,resize behavior, etc.) standards for Windows-based applications. Thus,adherence to these standards by the front end of the present inventionsignificantly eases the learning curve associated with mastering theapplication's features.

[0414] The front end's main executable program controls and manages thelifetimes of the application's various constituent objects—from objectcreation to object destruction. Furthermore the main program coordinatesthe operation of the objects, by passing messages between itself and theobjects.

[0415] The core of the front end however, is in the set of softwareobjects implementing the bulk of the application's functionality. Thesesoftware objects fall into two categories: (1) graphical objects, and(2) non-graphical objects. Both types of objects encapsulate softwarefunctionality, but the graphical objects also display a visualinterface. In Microsoft terminology, these graphical objects are calledActiveX custom controls, while the non-graphical objects are calledActiveX components.

[0416] The software objects are grouped together, according tofunctionality, into “layers”. As noted above, there are three layers:(1) the user interface layer 46, (2) the object layer 48, and (3) thecommunication layer 50.

[0417] The most important software object is the grid graphical object52. It displays Level II quotes in a two-dimensional matrix ofmulti-colored cells, which it constructs dynamically. The grid graphicalobject receives its data in real-time (or close to real-time) from aquote server (not shown) which resides on the backend 44; the datahowever, passes through the object layer 48 and the communication layer50 first. The grid graphical object 52 also implements the graphicalplacement and modification of orders using a “drag-and-drop” mechanism.

[0418] The grid graphical object is hosted inside a container object 54,to facilitate the easy grouping of multiple instances of the gridgraphical object discussed hereafter. The container object 54 is agraphical user interface (GUI) element with the capability to “contain”other graphical objects. An example of a container object is a tab-baseddialog object common in Microsoft Windows-based applications.

[0419] The order entry graphical object 56 is a compound object (i.e.object made up of several smaller objects) which users of the front endutilize to post an order (and all its associated parameters). The orderentry graphical object 56 is also hosted inside a container object 58.

[0420] The account and holdings graphical object 60 is another compoundobject that displays summary and detailed information about an account.This information includes the account balance, order status, accountsummary, etc.

[0421] Each of the three graphical objects described has a counterpartobject in the object layer 48. The grid graphical object 52 has a quotesource object counterpart 62, which encapsulates the logic necessary forrequesting and receiving Level II data from the back-end trading system.The order entry graphical object 56 has an order entry objectcounterpart 64, which implements the logic and business rules necessaryfor posting orders to the backend trading system, via the middleware 42.The account and holdings graphical object 60 has an account and holdingsobject counterpart 66, which implements the logic necessary forrequesting, receiving, and updating account information from theback-end trading system.

[0422] The communication layer 50 has one or more objects that implementthe logic involved in translating requests and commands coming from theupper layers of the front end 32 into the format expected by themiddleware 42. This format conforms to a standard protocol, which isbased on XML. The communication objects also translate the data comingfrom the backend 44, through the middleware 42, into the format expectedby the objects in the upper layers of the front end 32. In FIG. 5, thereare two communication objects: the Winsock communication object 68,which implements the logic for remote communication using the Winsockprotocol, and the SOAP communication object 70, which implements thelogic necessary for remote communication using the SOAP protocol.

[0423] Other objects 72, 74, 76 may be found on each of the respectiveuser interface layer 46, object layer 48, and communication layer 50, asmay be determined by a skilled programmer who is familiar with thepresent invention.

[0424] Before turning to a discussion of the graphical display which ispresented by the present invention, and as shown in FIGS. 10 to 53, andso as to better understand the purposes and objects of the presentinvention, its operation, and its functions, several other Figures arepresented—FIGS. 6 through 9B and are now discussed in terms of thepresent invention and the discussion which has gone on before. Thesediscussions are, of course, for purposes of clarity and explanation, andare not intended to be limiting.

[0425] Turning first to FIG. 6, there is shown a representation of theorder/transaction processing and order routing subsystems of aprototypical backend trading system. Of course, it will be understoodthat backend systems are highly proprietary, and thus the components andfunctionality of the system which is described herein, by way of exampleonly, may not match the components and functionality of actual systemsused by market participants.

[0426] The order/transaction processing subsystem 78 receives orderssent from the front end and records them in the transactions database80. The subsystem applies appropriate business rules to validate theorder and the parameters (such as terms) associated with it.

[0427] The order routing subsystem 82 utilizes suitable algorithms andbusiness rules to select the best route for the orders it has receivedand validated. The best route always directs the order to the marketparticipant (a Market Maker or ECN) with the best execution price.

[0428] If the user of the front end specifies a route for his/her order,the order routing subsystem 82 will use that route to execute the order.However if the user chooses the automatic routing option in the frontend, the order routing subsystem 82 will choose the best route forhis/her order.

[0429] The order routing subsystem 82 communicates with a local orderexecution subsystem, (if implemented by the backend) and externaltrading systems to retrieve and compare execution prices available foran order. The subsystem then uses the price data received to decidewhere to route orders. The local order execution subsystem is discussedhereafter, with reference to FIG. 8.

[0430]FIG. 7 shows an account management subsystem 84, whose purpose isto handle the creation, monitoring and management of online tradingaccounts. Before a trader can do online trading transactions, he/shemust open an online trading account with an online brokerage firm. Thereare several types of accounts, depending on the owner of the account(individual or institutional), the purpose for opening the account, andother factors. The account management subsystem 84 manages informationpertaining to these accounts and their associated portfolios. It alsohandles password authentication during the initial login phase.

[0431] The account management subsystem 84 consists of three modules:(1) a login verification module 86, which handles authentication ofusers logging in to the backend system; (2) an account creation &maintenance module 88, which handles the creation, deletion, andmanagement of online trading accounts; and (3) a portfolio managementmodule 90, which handles the portfolios associated with the accountsmanaged by the account creation & management module 88.

[0432]FIG. 8 is a representation of an optional order executionsubsystem 92 of a prototypical backend trading system. For ElectronicCommunications Networks (ECNs), an order execution subsystem 92 is arequisite component, but not for online brokerage firms, which delegatetheir order execution services to external trading systems.

[0433] The order execution subsystem 92 consists of two modules: anorder execution module 94 and a trade reporting module 96.

[0434] The order execution module 94 handles the automated matching oforders entered in an order book 98. It uses appropriate business rulesand matching algorithms to give orders the best price possible at thetime of execution. It also implements logic for handling orders withassociated special parameters like all or none orders,date/time-dependent orders, etc. This module also handles thecancellation of previously entered orders.

[0435] The trade reporting module 96 manages the historical database ofall trades executed by the order execution module 94. This modulehandles requests coming from the other subsystems for trade andexecution information.

[0436] With reference to FIG. 9, a prototypical backend trading systemis shown by its functional blocks.

[0437] It will be recalled from discussion above with reference to FIG.4, for example, that the front end 32 is capable of interfacing withdiverse backend trading systems 44. This includes any system that can:(1) manage online trading accounts, (2) publish quotes (3) receiveorders, (4) execute orders, and (5) provide feedback to the trader onthe status of his/her orders. The middleware 42, makes this capabilitypossible.

[0438] Although the backend trading system 44 can be any of thefollowing: an auction system, a currency trading system, or a commoditytrading system; the present invention is particularly directed towardssecurities trading. Thus, this description focuses on a specific type ofbackend trading system 44. The many similarities between a securitiestrading system and the other backend trading systems mentioned allow thepresent invention to be ported from one backend trading system toanother, with relative ease.

[0439] This discussion with reference to FIG. 9 defines, in generalterms, what a prototypical “backend trading system” is—its architecture,the processes involved within the system, and the data that is passedback and forth between the front end 32 and the backend trading system44.

[0440] A backend securities trading system 44 is a computerized systemoperated either by an online brokerage firm or an ElectronicCommunications Network (ECN). It typically consists of the followingsubsystems: (1) account management subsystem 91, (2) quote publishingsubsystem 93, (3) order/transaction processing subsystem 95, (4) orderrouting subsystem 97, and (5) order execution subsystem 99.

[0441] Furthermore, the implementation of the backend trading systemalso depends on the type of company that runs it. Online brokerage firmsusually implement components 91, 93,95, 97, but not 99; ECNs on theother hand implement all five components. All backend trading systems 44however, ultimately link up with a stock market's or stock exchange'scomputerized trading system.

[0442] The account management subsystem 91 handles the creation,maintenance and monitoring of online trading accounts. It stores andmanages information on the account's owner, its privileges, limitations,balance, its portfolio, and other related information. The accountmanagement subsystem 91 also handles the validation of user passwordswhen users initially log in to the back-end trading system.

[0443] The quote publishing subsystem 91, (which may also be referred toas a stock quote server) broadcasts quotes to subscribers. There are twotypes of quotes: a basic quote which contain information on a stock'slast price, the current bid and offer price for the stock, the change inprice from the last trade, opening and closing price, highest and lowestprice (for the current trading day), and the volume of stocks traded;the other type of quote is the detailed quote, which contains a listingof the prices quoted by different market participants. The detailedquote can also be categorized into two types: one is the detailed quotethat comes direct from a stock market like NASDAQ, whose implementationof the detailed quote is called “Level II”. NASDAQ Level II is atabulation of the bid and offer prices quoted by NASDAQ Market Makersand ECNs. The other type of detailed quote comes from ECNs or stockexchanges and contains a snapshot of their market books (the queuecontaining all individual orders submitted to the ECN by its customers,the entries of which are ordered/arranged according to certain businessrules).

[0444] The order/transaction processing subsystem 95 receives andvalidates orders coming from the broker's customers. After validating anorder, it applies appropriate business rules (which vary depending onthe broker) to the order. These business rules may include, amongothers, checking the account status of the owner of the order, checkingthe type and terms associated with the order, etc. Finally, theorder/transaction processing subsystem 95 closely coordinates with theorder routing subsystem 97 in deciding whether to register or “enter”the order into the local market book 98 (if the back-end trading systemhas it), or to route it to an external trading system, e.g. NASDAQ or anECN.

[0445] The order routing subsystem 97 uses appropriate business rulesand algorithms to select the optimal route for orders accepted andvalidated by the order/transaction processing subsystem 95. The optimalroute directs the order to the best order execution system—the one withthe best price, whether it be local (if the backend trading systemimplements an order execution subsystem 99) or remote (if the backendtrading system does not implement an order execution subsystem 99, or itis not the optimal one).

[0446] The order execution subsystem 99 matches buy orders withcorresponding sell orders. It continuously examines entries in the localorder book 98, and then applies certain algorithms and business rules todecide which “buy” orders it will match against corresponding “sell”orders. This subsystem is tightly linked with the order routingsubsystem because the National Association of Security Dealers (NASD)rules dictate that backend trading systems 44 must find the best pricepossible for all orders it accepts. This subsystem is implemented onlyby ECNs. Online brokerage firms typically delegate their order executionservices to an external trading system like an ECN, or to a NASDAQMarket Maker.

[0447] As noted, a particular purpose of the present invention is toprovide a graphical user interface which may be used by any trader.Typical graphical displays are discussed with respect to screen snapshots shown in FIGS. 10 and 53, described hereafter.

[0448] The front end software of the present invention comprises thegrid graphical object, several display panels, and several GUI objects.The most important component of the front end software is the gridgraphical object.

[0449] Thus, a principal function of the GUI front end is to provide agrid representation of market conditions with respect to any security orgroup of securities, as discussed hereafter, effectively in real-time.The GUI front end also provides a number of display panels and GUIobjects for dynamically displaying trading data, and updating thetrading data being displayed. A plurality of grids may be shown, asnoted hereafter, in side-by-side arrangement, as well as in tabs whereonce grid is hidden behind another in typical fashion well knownparticularly to programmers and users of Windows software.

[0450] A typical grid is shown in FIG. 10. Here, data for a plurality ofmarket makers are shown in columns 100 a . . . 100 g (being understood,of course, that the number of columns may vary as may be elected by theuser, or as dictated by the software, all as described hereafter). Aprice axis is shown at 102; in this case, the prices are shown varyingin one unit intervals (typically, one cent intervals). Of the tabs 104 a. . . 104 d, each is indicative of a separate grid for a separatesecurity. Tab 104 a has been chosen, so that data concerning ahypothetical security identified as XYZ Corp. is shown. Its stock marketsymbol is shown at 106. In a grouping of displayed boxes shown generallyat 108, specific data is shown concerning the hypothetical corporation.In particular, the price of the last trade at 56.92 is shown, being up0.18 or 0.32%. The current bid price for this security is 56.90, and thecurrent ask price is 56.94. The highest trade for the particular tradingsession in progress was at 56.56; the lowest trade was at 56.10.

[0451] The last trade was for 200 shares; and there have been 1,123trades during the current trading session in progress, for a volume of8,655,000 shares. The bid size and ask size boxes indicate the number oflots (each being 100 shares) being offered for purchase, or the numberof lots being offered for sale, respectively, at the current bid and askprices.

[0452] Another box labelled PG is shown at 110, and is describedhereafter.

[0453] What is important to note is that there are a number of rows orprice bins which are shown at various prices, and across variouscolumns. It is important to note that in FIG. 10, and throughout all ofthe Figures being discussed herein, active or selected cells for variousmarket makers or other criteria as may be determined for each column, atvarious prices as shown in the rows thereof, are indicative of eitherbuy or sell quotes or orders. The bid prices—that is to say, each buyorder or quote from any market participant which is being tracked on thegrid, is at a specific price. As noted hereafter, there may be more thanone buy order or quote at the same price, for any one market participantor market maker. In any event, all of the buy order or quote prices areshown with a particular hatching in the Figures—upwards to the right.That hatching is indicative of a specific color when the grid is, infact, shown on the computer screen of a trader, the color being at theelection of that trader.

[0454] The ask prices are shown with a different hatching—upward to theleft—and of course it will be understood that such hatching isindicative of another color which is mutually distinctive from the firstcolor used for bid prices.

[0455] Any of columns 100 a . . . 100 g can be moved to a differentlocation by selecting the column header and dragging it. They may alsobe automatically arranged according to some particular criterion, suchas the most active market. Other columnar data, particularly aggregatedata, are described hereafter.

[0456] Box 106 permits entry of a symbol for any given security, afterwhich the button 112 is clicked.

[0457] It is possible to adapt the grid display shown in FIG. 10 (andothers) for use on Personal Digital Assistant devices or other portableplatforms which are capable of displaying graphical information inkeeping with the requirements of the present invention.

[0458] Buttons may be provided to zoom in or out on the price axis 102;a status bar is shown at 114, and a close button is shown at 116.

[0459]FIG. 11 is similar to that of FIG. 10, showing somewhat differentdata, because the price axis 102 shows each price bin separated fromadjacent price bins by increments of 0.05. Thus, while the price rangeshown in FIG. 10 is from 56.73 up to 57.04, the price range shown inFIG. 11 for the same security is from 56.00 to 57.55.

[0460] It will be noted that each price bin or cell in column 100 a inFIG. 11 is filled. That is because there is at least one bid or askoffering within each increment shown on the price axis in FIG. 11. Forexample, while there is no activity shown at prices 56.90 up to 56.93 onthe price axis 102 shown in FIG. 10, there is activity shown at 56.94and 56.95, and thus there is ask activity shown in the price bin at56.95 in column 100 a as shown in FIG. 11. On particularly active days,market volatility may require that the trader sees a wider price rangethan prices that are merely separated by the security's MPV (minimumprice variance). In FIG. 10, the price for XYZ Corp. may vary in oneunit intervals; thus, each price bin shown in FIG. 11 may hold amultiple of the security's MPV.

[0461] The details of the dynamic changes are discussed hereafter, withreference to FIG. 53.

[0462] A replay button 118 is indicated in FIG. 11. This replay buttoncan activate an historical data animation which will be displayedgraphically on the grid, as described hereafter. Thus, quote and orderinformation for a particular time interval can be reviewed, andaccelerated if desired. The replay button 118 will speed up activity soas to gauge the market direction or momentum more accurately. It willallow a trade to compare activity from one period to another; and itwill also permit a trader to review market activity that was missed.

[0463]FIG. 12 shows a typical screen shot having a number of specificdisplay panels down the left hand side and across the bottom, togetherwith two grids 120 and 124, which replicate data shown in FIGS. 10 and42, respectively. FIG. 13 shows three grids 120, 122, 124 whichreplicate the data shown in FIGS. 10, 11, and 42, respectively.

[0464] Also shown in FIG. 12 are a number of other tab sets 126, 128,130, and 132. There is also a Position Guide box 134 shown in FIG. 12.

[0465] It will be noted that tab set 128 is also shown in FIG. 13, butin a different location than in FIG. 12.

[0466] The various tab sets permit the trade to set up and enter orders,monitor open orders, view filled orders, view market statistics, monitora cash position, recommend shares to purchase, interact with othertraders, and follow market developments, all as described hereafter.

[0467] Of course, tabs can be moved within tab sets and between tabsets; and may be renamed. Also, as is known in a Windows environment,tab pages can be positioned at any coordinate on the screen, and maydock and undock with other windows, in keeping with Microsoft Windowsconventions.

[0468] The Position Guide 134 will recommend a suitable level of sharesto buy or sell, according to factors such as cash on hand and portfoliovalue, as described hereafter. A NASDAQ Level II grid 124 is shown, asdescribed hereafter with respect to FIG. 42.

[0469] Obviously, the overall look and feel of the user interface may becontrolled by a user preference configuration capability. Accordingly,the number of grids that are displayed, the maximum number of windows,the color and design or applications in, as well as other parameterswhich are relevant to the overall look and feel of the application canbe selected, according to the user's preferences and experience.

[0470] A holdings tab from tab set 132 is shown in greater detail inFIGS. 14 and 15. In FIG. 14, the data is shown in tabular manner; inFIG. 15, it is shown with separate icons for each holding.

[0471] The significance is that an icon under the symbols column 136 inthe tabular format of FIG. 14 can be dragged into its associated gridfor a sale or so as to be covered. Likewise, any of the icons shown inFIG. 15 can be dragged and dropped onto the respective grid.

[0472] Examination of FIG. 14 shows that 500 shares of XYZ Corporationare owned; that they were purchased at 56.26 and that the current priceis 56.92, up 0.66, for a profit of 330.00. Dollars are shown, but otherunits might easily be used as well.

[0473] From FIG. 15, similar data is shown, but in somewhat less detail.

[0474] On the other hand, the icons shown in FIG. 15 may be colored soas to show the type of security or type of order that exists. Forexample, colors may be used to represent a short order, another colorused to represent an option, or a margin purchase, or to indicate profitor loss on individual positions. Each icon may further have dataassociated with it, which would be revealed by holding a cursor over theicon. The status bar 138 may also display the data, as well as thecurrent market price for the security, if elected.

[0475]FIG. 16 illustrates a market order entry tab 127, chosen from tabset 128. This is a form based representation; and it will be noted thatthere are buy, sell, and short buttons 140, 142, 144, respectively,which can be pressed so as to route an order to a given market. Thatmarket may be as shown at 146. Similarly, as can be particularly seenfrom FIGS. 12 and 13, a buy, sell, or short button 140, 142, or 144 canbe dragged onto the grid 120, for example, for the order to be routed tothe selected market—in this case, ISLD.

[0476] A similar tab is shown in FIG. 17, also selected from the tab set128; but in this case, it is the limit order tab 148 which has beenselected. A further button, the terms button 150, is shown under the tab148, which permits the trader to specify order execution terms.

[0477] Another tab, tab 152 from the tab set 128, is shown in FIG. 18.That is the stops tab or stop order entry tab.

[0478] This stops tab 152 has similar properties to that of tab 148,except that it is equipped with four other buttons 154, 156, 158, 160which are labeled as stop buy, stop buy limit, stop loss, and stop losslimit buttons, respectively. An order input can be in terms of shares oran order reference number, so that a filled order can have acorresponding stop order associated with it. Stop orders trigger when alot has traded at the stop price. When a stop limit order has beenentered, a distinction may be shown between the limit price and the stopprice, on the respective grid display.

[0479] Yet another tab in the tab set 128 is a change order tab 162,shown in FIG. 19. This tab is employed so as to change the parameters ofan open order B that is, an order that has already been placed. Here,the order reference number 166 is shown, so as to identify the orderwhich is already in place. The new shares and new price are shown at 168and 170, with the submit button 172 effecting the change order. Termsmaybe set by employing button 174.

[0480] Changes may be made, of course, in respect of the volume or theprice, or even the route through which the order will be placed.

[0481]FIG. 20, shows another tab from the tab set 132, namely the opentab 176. FIG. 21 shows similar data, except in icon form; and FIG. 22shows the same data from FIG. 21 with a further drop-down right clickmenu.

[0482] As described above with respect to FIGS. 14 and 15, there is inthis case a change column 178 shown in FIG. 20, which permits orderparameters to be changed and which allows the order and the underlyingsecurity to be displayed on the grid of FIGS. 10 or 11, for example. Thechange box can be dragged onto the grid to a specific price bin, so asto effect a price change or to submit an order to a different market.

[0483] Again, different colors may be employed to show the type of orderbuy, sell, short, etc.

[0484] The same data is shown in FIG. 21, but in icon form.

[0485] Referring to FIG. 22, the status bar 180 indicates that there aresix open orders; and in this case, a right click on icon 182 has openeda drop-down menu 184, which menu permits open order parameters and termsto be changed or cancelled.

[0486] Referring to FIG. 23, another tab 186 from the tab set 132 isshown. This tab 186 reveals data concerning orders that have beenfilled. Such orders may have been buy, sell, or short—see, for example,FIG. 20—and the data provided in FIG. 23 shows the price and time, andquantity, at which the order was filled or at least partially filled.

[0487]FIG. 24 shows further detail from the tab set 130, in this casebeing details concerning option orders or other derivatives that mayhave been placed. Thus, such option orders or other derivatives havetheir own dedicated order entry tab, with all of the necessaryinformation being entered such as at 190 where a derivative beingbought, has additional criteria being chosen as indicated. The submitbutton 192 will effect the transaction.

[0488] Obviously, the submit button 192 may be dragged to a suitablegrid so as to enter the order, as will be evident from a review of FIG.12, for example.

[0489] A further drop-down menu may be provided so as to selectdifferent market participants, for routing of the specific transactionbeing effected.

[0490] Turning now to a discussion of FIGS. 25 and 26, a typicalrepresentation is shown in the case of a falling market.

[0491] It will be noted that FIG. 25 is similar to FIG. 10. However, inFIG. 25, the price of XYZ Corp. has dropped from 56.92 to 56.79. As aresult, the security is trading down some 13 rows from 56.92. The lasttrade of 56.79 is highlighted on the price axis 102. The bid and ask ofthe market participants have fallen to the lower portion of the grid120, since the price axis is fixed for the 0.01 row increment. If thesecurity trades at or below 56.73, the lowest visible row, the priceaxis 102 will adjust the displayed price range down to maintain thetrading activity in the visible portion of the grid.

[0492] The price axis 102 may adjust to trading activity automaticallyor manually. In automatic mode, it will maintain trading activitysubstantially centered in the middle of the grid by adjusting thedisplayed price range of the price axis continuously. A smoothingfunction may be used to prevent the price axis from adjusting itself toquickly in an active market. In manual mode, the user resets the tradingactivity to the center of the axis 102. A buy order cell—such as cell200 on FIG. 28—on a fixed price axis 102 will remain stationary as thetrading activity moves towards it and eventually fills the order.

[0493] When a security is first shown on the grid 120, the user mayelect to position the price axis 102 according to the session high, low,opening, or last trade prices. Alternatively, the price axis 102 can becentered to the closing price of the previous session, or a technicalindicator such as the 50 day moving average.

[0494]FIG. 26 is similar to FIG. 25, except that the price axis 102 hasbeen centered on the grid 120. A buy order cell 200 on FIG. 28 on acentered price axis will appear to climb higher towards the tradingactivity as the price of the security falls, until eventually the orderis filled. A right click menu on the price axis 102 can select how theprice axis reacts to price variations in the security.

[0495] Turning now to FIG. 27, there is shown a grid representation inwhich an aggregate price column of an option series is illustrated.Here, the grid 196 shows an option series representation for aparticular call option of an option eligible index.

[0496] In this case, the price axis 102 is in 0.05 increments as issuitable for an option priced under 3.00. There is also an aggregatecolumn 198 which displays the aggregate quote from one or more marketparticipants with all available buyer and seller prices and combinedorder size. Orders placed in the aggregate column may be routedautomatically to the market that contains the best price or fastestexecutions.

[0497] Some users may not be interested in viewing quote activity forindividual market participants, as shown in columns 100 a . . . 100 e,and may choose to view and enter orders only in the aggregate column198. Options symbol are entered into the grid 198 directly, or via theoptions entry tab 188 (see FIG. 24).

[0498] Turning now to FIG. 28, a representation of a limit buy order isshown. The data shown on the grid 120 of FIG. 28 are the same as thoseshown in FIG. 10.

[0499]FIG. 28 demonstrates how a buy order 200 is located on the grid120. The buy order for 200 shares of XYZC is a limit order placed at56.88. This is 0.04 below the last trade price on XYZC, as shown at 202.The market where the order is placed is Island ECN, as noted in theheader for column 100 a. To distinguish an order from the backgroundquotes, a contrasting texture or color is used. The text inside theorder also helps identify the type of order and shares being sold. In asimilar manner, a limit sell order may be placed in a suitable marketand in the upper portion of the grid representing seller quotes.

[0500] The order is placed on the grid 120 in a number of ways. First,the order will be entered automatically into a suitable grid if it issubmitted from an order entry tab such as that shown in FIG. 17. Second,the order can be entered by dragging and dropping from the PositionGuide 134, which recommends the amount of shares to purchase as well.Third, the order can be dragged and dropped from the holdings tab, asseen in FIGS. 14 and 15, or a similar status tab.

[0501] The orders can be posted to the grid direct from the appropriateentry method, either through the order entry tabs or the Position Guide,with validation to follow; or the orders can be posted after validationfrom the ex change or market. In the latter case, a delay may occurbetween the time the order is entered and the time it is validated. Inthis case, the cell 200 may indicate a non-valid status until thebackend system validates the order.

[0502]FIG. 29 is similar to FIG. 28, except in this case the order 200has been routed from one market to a different market at a differentprice. The original order has been routed to Archipelago ECN in column100 b, and the buy price has been reduced to 56.83. This apparent orderchange occurs when a selected buy cell 200 is dragged or routed by thecomputer's pointing device, such as a mouse or a keyboard cursor arrow,such that the selected buy order cell 200 moves left, right, up, ordown, along the grid. The practical effect, from an exchange or marketmakers perspective, may be to cancel one order, and enter another in adifferent market, or to change (CFO) one open order to reflect anadjusted price, volume, or other order parameters or terms. This routingof orders between markets, and changing prices graphically, is at theheart of the grid's function.

[0503]FIG. 30 is similar to FIG. 10. However, in FIG. 30, only the bidand ask for each market participant is displayed. The buy order 200 fromFIG. 29 remains visible. Some users may prefer this view, selected fromthe grid preferences menu, as it removes movement outside the market andmakes open orders stand out.

[0504]FIG. 30 also shows an example of a mouse over effect showing aprice axis popup box 202, a quote or order popup box 200, and a marketparticipant popup box 206, so as to result in the display of otherrelevant information At the top of this view, a radio button 208,210shows that the tab page can toggle between a grid display of XYZC and achart of the security.

[0505]FIG. 31 shows a stop loss limit order 208 and 210. In thisexample, the stop price is 56.82. When one lot of the security hastraded at or below the stop price, the associated limit selt order 210becomes active. Both parameters, the stop price, and the limit sellprice, can be changed by dragging its associated cell. Text inside theorder cells help identify the order type, quantity, and function.

[0506]FIG. 32 is a representation of FIG. 31, once the stop price hasbeen reached and triggered. In this view, the stop price 208 of 56.82remains on the grid 120 to show that the stop price has been triggeredand the limit sell order 210 is now an open order. The limit price maybe changed while the order is open. In this manner, more complex ordertypes may be displayed.

[0507] Referring no to FIG. 3, similar data to that which is shown onFIGS. 28, 29, and 31, is shown. However, in this case, an integratedicon area 301 is included at the right of the grid, showing the statusof orders or holdings that are related to XYZ Corporation. The icon area301 may be considered to be a parking area, in that orders are parked inorder that the trader may drag them onto or off the grid 303. Oneadvantage of the icon area 301 is that an order can be dragged off thegrid 303, even though the grid may have been cancelled, and held in theicon area 301 so that it can be dragged back onto the grid later as anew order, without having to set up the trade all over again.

[0508] A further feature of the icon area 301 is that multiple orderswith respect to the same security may be established. Here, it is seenthat there is an intention to buy 200 shares of XYZ Corporation at56.88, shown at cell 200 just as it is shown in FIG. 28. There is alsoan intent to sell 500 shares of XYZ Corporation through marketparticipant MM2, at 56.98, as shown at cell 305. The status of thosecells 200 and 305 are shown at icons 307 and 309, respectively, in theintegrated icon area 301. However, it will also be noted that icon 311shows that previously there were 500 shares of XYZ Corporation purchasedat 56.26.

[0509] An advantage of the integrated icon area 301 is that iconsrelative to the specific security may be displayed, whereas the holdingstab as seen in FIGS. 14 and 15 contains information as to all securitieswhich are under consideration. Thus, using a display set up as shown inFIG. 3, the trader can concentrate on a single security, if that is thetrader's wish.

[0510]FIG. 33 is somewhat similar to FIG. 27, and in this case it showsa grid 212 for a security, XYZ Corp., which trades in multiple markets,being represented by an aggregate column 214. The aggregate columncombines quotes and order data from multiple market participants 100 a .. . 100 f into a single column. The aggregate column 214 mayrepresent,for example, aggregate quote data from those market participantsavailable to the trader's brokerage firm to trade on and to submitorders to. The grid's price axis 102 may also be split into two priceseries to show different price ranges for the same security.

[0511]FIG. 34 is a representation of FIG. 33, having the same data, butwith each cell which contains a market quote having a text display of acell property—in this case, the text label refers to the total lot sizeof the cell. A drop down menu 216 is presented at the top of the pagetab for selecting the property. In the preferred embodiment, the textshown on each cell can be total lot size, number of orders, dollarvalue, share quantity open or share quantity traded inside the cell.Similarly, the total lot size, orders, trade value, or share quantityfilled or executed at each cell can be shown over a period of time. Inthe latter case, the length of time specified may be from the beginningof the current session, during the past hour, or a user selected timeinterval. The aggregate column 214 may also contain text summary data.In addition to a text inside the cell, colors and color gradients can beused to display the same parameter or an alternative parameter of eachcell or order.

[0512] Turning now to FIG. 35, a grid 220 is shown, which uses theconcept of the aggregate column 214 to show a one column view of one ormore market participants. The remaining columns 222 and 224 are used toshow lot size and order quantity for each price increment. A graphicalrepresentation of lot size and order quantity is shown next to the textdata, at 226 and 228, respectively. A replay button 118 is shown, whichcan animate historical data in a graphical presentation. A right clickmenu is available over the column name to allow the user to select adata display from specific markets rather than an aggregaterepresentation. For example, the grid column 214 can represent data onlyfrom Island ECN and display the corresponding text 222, 224 andgraphical representation 226, 228 of lot size and order quantity,respectively.

[0513]FIG. 36 shows the market column or aggregate column 214 of FIG. 35rotated 90 degrees, and now presented horizontally at 230. Priceincrements run along the x-axis from left to right. The rightmost cellcontains the highest price value. The size of each price bin may beincreased to view a larger price range for the security. Directionbuttons at each end of the grid allow the grid's price axis 230 to bescrolled left or right. The cell values at the endpoints 232, 234, thebid and ask 236 and 238, and the last trade 240, are all indicated andlinked to their representative cell. Open orders are also shown, in thiscase at 242, above the grid.

[0514] A Position Guide 134 allows orders to be dragged and dropped ontoany cell that is displayed. In this type of display, the bid is shown onthe left, and the ask is shown on the right. There is less room todisplay text inside each cell in this implementation of the grid 220. Asa result, buy orders 242, the last trade 240, or a sell order, may berepresented by the single letters “A”, “L”, and “S” within each cell.These cell types may also be represented by specific colors as well.

[0515] Under the grid 220, a chat application 244 allows discussion of aselected security or topic. The integration of the chat application on244 the same tab page allows a security to be monitored closely while adiscussion is ongoing.

[0516]FIG. 37 shows a single column representation of a grid 246. Singlecolumn representations are appropriate whenever listed securities tradeand are quoted in only one market such as the Toronto Stock Exchange.Those quotes are shown in column 248. The remaining space on the tabpage is taken up by charts 250, 252 and a fundamental profile data 254on the security. A drop down menu allows the chart type and timeinterval to be selected.

[0517]FIG. 38 is similar to FIG. 28, with a representation of a rightclick menu 254 on the buy order. The right-click menu 254 is locationand context sensitive, and allows the user to view order statistics,change order parameters, adjust price bin size, set preferences, displayan aggregate column, and undo a change. The right-click menu 254 alsoallows the user to access the Position Guide 134 and the replay feature118 of the grid interface.

[0518]FIG. 39 is a representation of the replay settings tab 256. Thereplay feature 118 provides a graphical payback of historical data andtrading activity on a grid. If the historical time interval beingreviewed is large, the playback speed can be accelerated. For example,if the historical interval being reviewed was originally 60 minuteslong, as can be seen by comparing the times for the start and end of theinterval to be displayed, as set at 258 and 260, the user can adjust theplayback time period to view this interval at 10 times normal speedwhich would result in the animation lasting six minutes. Similarly, theanimation interval can be fixed for a defined time, for example, 2minutes, without regard to how long the original historical timeinterval was. If the historical data or necessary file on the securityis not resident on the user's computer, it may be downloaded from asuitable server. The replay application 118 uses actual historical quotedata to run the animation. The replay feature 118 works only if there isavailable archived (historical) quote and order data from the user'scomputer or from any suitable server. The user can elect to storehistorical data locally through the record function, which will storedata on the user's computer's storage means.

[0519]FIG. 40 is a representation of the Position Guide 134 settings.The Position Guide 134 recommends a quantity of each security to buy orshort, based on input from the user on the amount of funds to beinvested in each type of security, and the percentage of buying power orportfolio value available to be invested in any trade. Recommendationsare rounded up or down to a standard lot size or contract size, as shownat 262. The recommended quantity to be purchased or shorted can bedragged and dropped from the Position Guide 134 (see FIG. 36) to anycell on the grid, for the corresponding security. The Position Guide ismade available directly on the tab page of each grid by electing to showthe Position Guide 134 on each tab page.

[0520] Advanced settings 264 on the Position Guide tab 134 give accessto timing tools so that trades that appear technically sound bias thePosition Guide to recommend a higher quantity of the security thantrades that appear to have poor or no technical merit. The PositionGuide allows the trader to enter limit orders with one or moreparameters based on the Position Guide's recommendations.

[0521]FIG. 41 shows horizontal grids 270, 272, 274 for three securities.Each security has its own grid 278,280 and Position Guide 134 a, 134 b,134 c, respectively. The top security, XYZ Corp, has two grid rows 276a, 276 b associated with it. Each functions independently and provides adisplay of the security in its own respective price range. Orders 278 tosell at 57.50, 280 to buy at 56.88, ask information, and last tradeinformation 284 can be indicated on both related grids if the pricelabels overlap. Each grid allows the price bin to be adjustedindependently of the other.

[0522] The middle security is an option series. The Position Guide 134 brecommendation is based on contracts, not shares. Options above 3.00trade in MPV of 0.10 increments. There is a sell order 286 at 8.10.

[0523] The bottom security, ABCD Corp, is being monitored by the user,and has no open orders associated with it.

[0524] Turning now to FIG. 42, there is shown conventional NASDAQ LevelII display 124, as used by day traders in the US equity markets. Timeand sales information is on the right side of the display at 290. Since,the grid representation of trading and quote activity differs from theNASDAQ Level II view, traders new to the grid view may prefer toadditionally monitor securities with NASDAQ Level II displays. Toaccommodate this need, the tab pages of the grid area can switch betweenNASDAQ Level II views and grid-based views of the trading activity.

[0525]FIG. 43 shows a representation of the special terms setting dialogbox 300. Special terms dictate how the order must be filled. Settingspecial terms is a common feature of trading applications. Special termsfor an open order may be accessed and changed from the right-click menuof an order cell on any grid, as shown at 254 in FIG. 38.

[0526]FIG. 44 shows a representation of an option chain on a grid 302.The tab name OEY*D, shown at 304, indicates an option chain. The gridarranges the data associated with the option chain to provide arepresentative display. There are two grids 306, 308, each with theirassociated price axis 310, 312, respectively. Bid and Ask prices aredisplayed for various months, in columns 314 a . . . 314 f at differentprice levels. Two buy orders 316,318 are indicated. The first is to buy10 contracts of the OEX April 620 calls at 1.30. The second to buy 5contracts of the OEX July 620 calls at 2.05.

[0527] The grid drop down menu 318 allows data for puts, call, or bothclasses to be displayed. An order status area 320 allows the user tomonitor the status of the open options orders. The option order pricescan be changed, by dragging the order cell up or down its respectivecolumn. The radio buttons 320, 322 allow the option quote data to bedisplayed in a table style view, or on the grid. Standard preferencesmay be applied such as showing contract size in each cell, as a textlabel. Options data may be filtered to display only the bid and ask ofeach month to reduce the level of detail. Visual and auditory alarms ornotifications can be set to warn the user of a change of status ortrading activity.

[0528] Each column contains aggregate data combined from all availablemarkets. However, a single market, such as the CBOE, maybe viewed on thegrid as well.

[0529]FIG. 45 shows an alternative representation of the option chain ofFIG. 44. Both Puts 324 and Calls 326 are displayed in this view. Theselection of which class to display is via the put and call check boxes328, 330 under the grid display radio button 322. The price axes 332,334 are independent of each other, to optimize the display of relevantquote and order data.

[0530] Changes can be made to the initial layout of the option chain.For example, the month displayed in each put and call column is via aright-click selection on the column name, as shown at 336.

[0531]FIG. 46 shows yet another alternative representation of the optionchain of FIG. 44. Both Puts and Calls are displayed in this view at 340and 342, respectively. Each column 344 a . . . 344 f represents adifferent strike price for the month of April. Two limit buy orders350,352 are indicated: the first is for 10 contracts of the OEX April615 calls at 1.55; the second buy order is for 5 contracts of the OEXApril 585 puts at 3.30. The price axes 354, 356 for each class areindependent of each other. A right-click on the column heading allowsthe strike price to be changed, as shown at 360.

[0532]FIG. 47 is a representation of an aggregate column 362 of quotedata and a corresponding NASDAQ Level II type display 364. Orders areentered or adjusted on the column according to market developmentsreflected in the Level II display. Although one column 362 is displayedto represent the aggregate data, the user may elect to show a secondcolumn to monitor a preferred market maker, exchange, ECN, marketparticipant as referred to herein.

[0533] The radio buttons 366,368,370 on the Figure allow the trader toalternate views from a multiple column grid, to a split grid and LevelII view, and to a grid and Chart view. A further view may include a gridand a chat discussion on the security, or news updates.

[0534] Turning now to FIG. 48, there is shown a consolidated view 380 ofall open orders in a user's account. To obtain this view, the front endsystem 32 determines whether each open order is on the bid side or theask side of the underlying security. Then, the front end system 32 plotsthe relative distance of each order from the security's bid or askprice. The price difference between the bid or ask price and the openlimit order is plotted on a common grid and a relative price axis. Itresults in a cluster of orders around the normalized bid and askreference points.

[0535] For example, GE in column 382 a at 384 is an open limit order tobuy one lot. The value on the price axis 386 is −0.20, which means thatthe user's buy order is about 0.20 away from the current bid of GE. Ifthe bin increment was 0.01 instead of 0.05, a more exact calculation ofthe price gap would be possible. Orders can be dragged and droppedcloser or further away from the trading activity, which will effect achange in the price of an open order. If an order is dragged to theopposite side of the market, the system assumes the order has changed toa market order and informs the backend accordingly.

[0536] There are two purposes for the columns 382 a . . . 382 e. Thefirst is to allow multiple orders to overlap at a given price point orprice bin. The left to right placement of orders when multiple ordersreside in one bin, is determined by the orders closest to the bid or askprice. These orders are placed on the leftmost column. A second rankingvariable may be the value of the trade, or the time interval since theorder was submitted.

[0537] The second purpose for the columns 382 a . . . 382 e, is to allowopen orders to be dragged left or right, away from the main cluster oforders so individual stocks or groups of stocks can be segregated andmonitored in relation to the central order cluster. For example,semiconductor sector stocks such as INTC (386), AMD (388), and MU (390)may be dragged along the row to the right edge of the grid so therelative performance of those open orders may be monitored for signs ofa deteriorating market or an upcoming rally.

[0538] The first column 414 contains two user-defined buttons 392, 394in each cell. In this instance, the buttons are a cancel button, CXL,and a change limit order to market button, MKT, respectively. Pressingeither button changes all orders in the relevant row to the designatedcommand.

[0539] At the top of the tab page is a column of five larger buttons400, 402, 404, 406, and 408. When a market event such as a FederalReserve Board meeting produces breaking news, the user can elect tocancel all open orders at 400, cancel all open buy orders at 402 or opensell orders at 404; or change all open limit buy and limit sell orders,at 406 and 408, respectively, to market orders. Major market moves maybe determined by monitoring a defined group of indexes and stocks on theupper portion of the grid, at 410.

[0540] When a pointing device such as a mouse is used to select an ordercell, the last price, change, and percentage change are displayed abovethe grid. The security headings 410 are user selectable. In FIG. 48, thestock selected is Microsoft, and its quote data is visible below thevalue for the Russell 2000 Index at 412.

[0541] Each order may be cancelled or have its terms changed by a rightclick on the selected order cell and choosing the command from theresulting menu.

[0542]FIG. 49 shows an alternative representation of a consolidated viewof all open orders with the same data as shown in FIG. 48. The relativeprice axis 386 allows a user to gauge the relative distance of any orderfrom that security's bid or ask price. The first column 414 from FIG. 48is hidden from view. A Position Guide 134 and stock ticker input area416 above the grid, allow quote information to be shown, and orderquantity recommendations to be made. Dragging from the Position Guide134 to the grid 380 allows the user to drop a buy, sell, or short orderfor the quoted security onto the grid. Placing the order on the BIDprice row, or below, of the grid designates it to be a limit buy order.Placing the order on the ASK price row, or above, of the grid designatesit to be a limit sell or a limit short order. Placing a buy order aboveor on the ask price designates it as a market buy order; and placing asell order on or below the bid price designates it as a market sellorder. The row price bins may be adjusted using the drop down menu 418near the relative price axis.

[0543]FIG. 50 is a representation of multiple securities quoted in onegrid 430 with one price axis 432. The price axis 432 is adjusted in realtime to reflect prices for the security assigned to a selected column434 a . . . 434 g. In FIG. 50, XYZ Corp is the security of the selectedcolumn and the price axis matches trading activity in XYZ Corp. Thecolumn name of XYZC is highlighted at 436 to distinguish it as the priceaxis reference, and as the selected columns.

[0544] This representation of the grid 430 makes it convenient tomonitor multiple options and equities in a single, simple presentation.It also assists in tracking options prices when the underlying equitychanges. The price bin settings adjust to references a specific columndisplayed so they do not need to be constantly adjusted. The selectedcolumn may also be dragged to the left or left aligned automatically sothat it is next to the price axis. The Position Guide 134 is active andrelevant for the selected security.

[0545] The price axis can show absolute values, or relative values.

[0546] The security of a selected column can be changed by entering asecond symbol in the symbol text box. Summary information on thesecurity 440 appears on the upper section of the tab page. The tab 442for IBM is highlighted in the tab set. This is an indication that anevent has occurred that requires the user's attention. Such events maybeorders that are filled, a trade through an important price level, or arecent news release.

[0547]FIG. 51 is a representation of a grid 450 consisting of both ordercells 462, and quote cells 454. Quote cells 454 represent a singlesecurity, and move on the grid in real time in accordance with a deriveddifference calculation between two or more parameters. Order cells 462represent a limit order and can be dragged and dropped on the grid toadjust the order cell price in real time. Order cells are associatedwith a given security's quote cell. As the quote cell and the order cellmove towards each other along the price axis, the order comes closer tobeing filled. When the order cell and the quote cell are on the sameprice axis segment, the order has the highest probability of beingfilled, as it is at the last trade price.

[0548] A selected grouping of stocks may be shown in this gridrepresentation. Grouping may be index, industry sector stocks, a userdefined list of securities, or a grouping selected on the basis of sometechnical criteria. The relative price axis 456 can show the differencevalue between two selected criteria. If a relative price axis is used,the axis can be referenced to the bid, ask, last trade, high, low, open,prior closing price values, or a technical indicator associated with theunderlying security, all as shown in box 463. For example, a securityclose to its 50 day moving average can have the price axis referenced tothe 50 DMA value, and the user can monitor the security to see if itholds the support level or falls under the moving average.

[0549] Two examples illustrate the use of this grid representation 450.In the first example, assume that a specific value on the relative priceaxis is derived from the difference between the prior closing price of asecurity and the last trade price during the current session. The grid450 shows a quote cell 460 for IBM at negative 0.30 on the price axis.This is understood to mean that IBM's last trade in the current sessionis $0.30 below yesterday's closing price on IBM. The buy order 462 onIBM is seen to be $0.50 below yesterday's closing price, and $0.20 belowthe current last trade of IBM. If IBM falls, the quote cells will appearto fall towards the buy cell. If IBM continues to fall through the buyorder, the order will be filled and reported as such. If the user feelsthat IBM will fall significantly past the buy order, the user can dragthe buy order 462 down the column in order to lower the buy price forthe IBM order as referenced along the relative price axis.

[0550] In the second example, assume that a specific value on therelative price axis is the difference between the value of the 50 daymoving average (50 DMA) of a stock and its last trade price. In thiscase, if we look at IBM at cell 460, we would interpret the grid asindicating that IBM is trading $0.30 below its 50 day moving average.The IBM buy order 462 represents a price point of $0.50 below IBM's 50DMA. If IBM falls in price during the current trading session, the quotecell 460 would fall on the grid towards the buy order for IBM If IBMcontinues to fall through the buy order 462, the order will be filledand reported as such. If the user feels that IBM will continue to fallfurther below the current buy price, the user can drag the buy orderdown the relative price axis in order to lower the buy price for the IBMorder.

[0551] Orders can be entered directly from the tab page by selecting aquote cell. The Position Guide 134 will display a share recommendationfor the selected security, which can be adjusted as desired, and draggedonto the grid to the desired position in relation to the quote cell. Apreferences button 464 allows users to customize settings and displayoptions, and to create complex formulae, for the derived price axisvalue 456.

[0552] It should be understood that the relative price axis value isderived by a price difference between two technical indicators, such asa moving average, or the prior session's closing price, and the lasttrade price of the displayed quote cell for any given security. The twovalues needed to derive the difference signal can be based on a simplestatistic such as the last price, or the prior closing price. However,the two values can also be based on complex formulae involving multiplevariables. With the use of multiple quote cells and groups ofsecurities, general market trends would be more evident in this viewthan in a view of a single equity. A falling market would show themajority of quote cells falling on the grid. As noted earlier, the axis456 values can be locked in position, or float to show the mostrepresentative view of all cells.

[0553]FIG. 52 represents a further, more orderly view of a grid with arelative price axis, wherein each column is associated with a uniquesecurity. The relative price axis 456 of FIG. 51 remains, as does theinput methods (although not shown) to derive the difference value. Anorder status area 460 above the grid 450 allows fills to be reported foreasy reference. Securities in a column can be changed by double clickinga column heading or name, and entering an alternative ticker symbol inthe text box 462.

[0554] Quote cells 464 and any order cells 466 for a specific securityare located within a designated column 468 a . . . 468 f for thatsecurity. Each column can contain stocks, options, or other securities.Price quotes used to derive the relative price axis value can becombined from one or more market participants.

[0555] Turning now to FIGS. 53a, 53 b, and 53 c, there are shownrepresentations of how prices associated with a sequence of rows can begrouped into a single row as the price range is expanded. On the leftside of each of FIGS. 53a, 53 b, and 53 c, there are five rows 531, 532,533, 534, and 535. For example, as the bin size is changed from 0.01 to0.05, the price range of the price axis visible on the grid expands. Thenominal bin price of 59.90, shown at the right side of each FIGS. 53a,53 b, and 53 c, can be assigned from the top 531 a, center 533 b, orbottom 535 c position of the five rows. Which five values are mapped toa five-cent bin, and how the nominal price of the nominal bin isselected, is defined by the user in the user preferences, or by thetrader's brokerage.

[0556] Since orders are usually not entered in increments finer than theMinimum Price Variance (MPV), the basic price range on a grid is basedon the MPV. The number of distinct MPV price levels associated with aparticular price bin is a function of the specific security, volatilityof the security, and the user preference of the font end. Price bin rowscontact when a grid is zoomed out to show a birds eye view of tradingactivity. How smaller rows, such as 0.01 increment rows, map into larger0.05 bin rows, affects how a bin cell shows a quote, and how it doesnot, as discussed above.

[0557] A standard protocol is utilized so as to define the format ofinstructions and data that are exchanged between the front end 32 andany backend system 44. That standard protocol may be based on XML.

[0558] Each of the input parameters and each of the return value itemsfor the set of instruction and data noted above is linked to arespective GUI object in the software which is at any trader's front end32.

[0559] In another embodiment of the present invention, acomponent-oriented approach is used to implement the “grid-basedgraphical interface” as a software object. Such an approach is inkeeping with modern software development technology, which currentlyfavors the construction of application programs based on distinct unitscalled “components” or “objects”.

[0560] A software object is a self-contained, re-usable programmingconstruct that encapsulates both data and behavior. Software objectsutilized according to the principles of component-based softwaredevelopment facilitate the creation of application programs usingpre-built building blocks. This fact greatly simplifies softwaredevelopment, and helps shorten the software development life cycle.Major software vendors like Microsoft Corporation and Sun Microsystems,among others, have adopted and are increasingly promotingscomponent-based software technology. Microsoft Corporation has itsComponent Object Model(COM), ActiveX, and Web Services technologies,while Sun Microsystems has its JavaBeans, Enterprise JavaBeans, Javaapplets, and Swing/JFC component technologies.

[0561] A software object implementing the functionality of the“grid-based graphical interface” of the foregoing descriptions is shownin FIG. 54. It will be noted that what is shown in FIG. 54, is actuallya blow-up of the grid graphical object 52 depicted in FIG. 5.

[0562] The software object executes on a computer and has two aspects:(1) its visual manifestation, which is displayed on the computer screen,and which a user sees and interacts with; and (2) its program logic,which is implemented in computer code. The software object's programlogic includes six methods or processes, which the software objectemploys to accomplish its tasks. However, it is also to be noted thatthe six processes noted below are only representative of all possiblecombinations of methods and processes that the software object mayemploy.

[0563] The software object's visual manifestation is composed of one ormore axes, a drawing area, and GUI objects (icons, images, geometricshapes). The software object's visual manifestation is where tradingdata is graphically presented. This graphical presentation can employseveral styles.

[0564] It must be stated that the software object's visual appearancecan exactly match the visual appearance of the “grid-based graphicalinterface” of the foregoing descriptions, as seen at 500 in FIG. 54.

[0565] The software object's program logic consists of the followingprocesses: (1) Connect process 502; (2) Retrieve process 504; (3)Transform process 506; (4) Display process 508; (5) Interpret User Inputprocess 510; and (6) Send Instructions/Receive Feedback process 512.

[0566] The Connect process 502 issued by the software object toestablish connections with one or more data sources, 514.

[0567] The Retrieve process 504 is used by the software object toreceive trading data from a data source 514.

[0568] The Transform process 506 is used by the software object toprocess the trading data it receives from data sources 514.

[0569] The Display process 508 is used by the software object to plotand render GUI objects, each one representing an order or a quote, onthe software object's drawing area 520.

[0570] The Interpret process 510 is used by the software object toreceive and interpret inputs coming from the user. These inputs might becommands to change the graphical properties of the visual manifestation,or they might be inputs that effect a trading transaction.

[0571] The Send Instructions/Receive Feedback process 512 is used by thesoftware object to automatically generate and transmit transactioninstructions, as a result of the user's interaction with specificelements of the software object's visual manifestation. This process 512also receives feedback data pertaining to the status of the previouslytransmitted transaction instructions.

[0572] A Data Source 514 is any system that can supply trading data. Itcan be any or a combination of the following: securities exchanges,stock markets, currency markets, commodities exchanges, electroniccommunication networks (ECNs), brokerage firms, data feed providers,market simulation software, and trading data published on any suitablemedia (such as CD-ROM).

[0573] A Market Participant System 516 is any system that can receive,validate, route, and possibly execute trading orders. It can be any or acombination of the following: securities exchanges, stock markets,currency markets, commodities exchanges, electronic communicationnetworks (ECNs), brokerage firms, order-entry firms, and marketsimulation software.

[0574] Often times, the Data Source 514 and the Market ParticipantSystem 516 are one and the same system. This is the case, for examplewhen the Data Source is Island™ ECN, and the Market Participant Systemis also Island ECN.

[0575]FIG. 55 illustrates yet a further visual manifestation of theobject's visual appearance 500, with the data being presented in a moreiconic fashion. As seen, however, a somewhat different convention isused, in that bid prices are shown with round icons 501, ask prices areshown with square icons 503, a buy order is shown with an hexagonal icon505, and a sell order is shown with a trapezoidal-shaped icon 507.

[0576] Each of FIGS. 54 and 55 show prices and trading activity for aselected security, with the activities of several market participantsbeing indicated. The same data is shown in each of the FIGS. 54 and 55.Also, the same data are shown in FIG. 3.

[0577] An interactive grid-based graphical trading system, and theinteractive relationship of the trading system where a plurality oftraders and a plurality of market participants will be found, has beendescribed.

[0578] The software, and particulars of the software, have beendescribed to the extent necessary, it being understood that any personskilled in the art of writing software for the appropriate platform suchas ActiveX, Windows, GUI-based systems, and so on, may write specificsoftware, and may provide specific functional and logical architecture,without departing from the spirit and the scope of the appended claims.

[0579] Other modifications and alterations may be used in the design andmanufacture of the apparatus of the present invention without departingfrom the spirit and scope of the accompanying claims.

[0580] Throughout this specification and the claims which follow, unlessthe context requires otherwise, the word “comprise”, and variations suchas “comprises” or “comprising”, will be understood to imply theinclusion of a stated integer or step or group of integers or steps butnot to the exclusion of any other integer or step or group of integersor steps.

What is claimed is:
 1. An interactive grid-based graphical tradingsystem for use by any trader who engages in trading securities throughestablished security trading markets, in essentially real time, wherethe system comprises a grid-based graphical interface for use by anytrader, said graphical interface being adapted to establish a connectionwith any backend system used by any market participant through suitablecommunication channels; wherein said interactive grid-based graphicaltrading system is available through a computer at each participatingtrader's site; wherein said interactive grid-based graphical tradingsystem for use by any trader is adapted to receive and display markettrading data received from a plurality of market participants, inessentially real time; and wherein any trader may select any particularsecurities for which data are electively required, at any instant intime; wherein said interactive grid-based graphical trading systemincludes first process means that function to send transactioninstructions through said communication channels to the backend systemused by any market participant, and to receive messages from saidbackend system through said communication channels; and wherein saidgrid-based graphical interface includes second process means thatfunction to receive, process, and display said market trading data, andsaid messages, to any trader; wherein said market trading data includesinformation chosen from the group of market trading data consisting of:order data as to buy, sell, or other trading orders existing at thatinstant in time for any selected security or group of securities, quotedata as to bid and ask prices, volume, market participant identifiers,and other parameters, existing at that instant in time for any selectedsecurity or group of securities; wherein said market trading data istransmitted to each said grid-based graphical interface at the site ofany participating trader from said backend system of any marketparticipant in computer-readable electronic format; wherein saidinteractive grid-based graphical trading system includes third processmeans that function to transform said market trading data received fromany back end system, at any instant in time, into a graphicalrepresentation for display on any display device, wherein said graphicalrepresentation includes at least one grid having a plurality of cellsarranged in an array of at least one row or at least one column; whereina row is an arrangement of horizontally adjacent cells with at least onecommon property, and a column is an arrangement of vertically adjacentcells with at least one common property, and wherein each cell withinthe said plurality of cells belongs to one row and one column; whereinsaid plurality of cells is arranged in a matrix chosen from the groupconsisting of a plurality of rows and at least one column, and in aplurality of columns and at least one row, and wherein said plurality ofrows or said plurality of columns are associated with an axisrepresenting price. wherein any cell is associated with said markettrading data, and contains a graphical representation of said markettrading data, and is associated with a specific price or range ofprices; wherein each cell along said price axis indicates a price orprice range for which said market trading data exists, and the other ofsaid at least one column or said a least one row is indicative of aspecific criterion chosen from a plurality of selected criteria withinwhich said market trading data is categorized as to price or a range ofprices; and wherein any trader can place, or modify, an order for aselected security or group of securities, over which that trader hasdiscretion, by interacting with said grid-based graphical interface;wherein said interaction can be accomplished by a drag and dropoperation, and wherein said order or said quote is representedgraphically in a cell.
 2. The interactive grid-based graphical tradingsystem of claim 1, wherein said communication channels arenetwork-based, so that at any instant in time a connection between anytrader and a backend system of any market participant may be persistentor intermittent.
 3. The interactive grid-based graphical trading systemof claim 2, wherein said network is the Internet.
 4. The interactivegrid-based graphical trading system of claim 1, wherein any cell in saidplurality of cells is assigned specific visual or graphical attributesor properties chosen from the group of graphical or visual attributes orproperties consisting of: color, border, label indicator, graphicoverlay, text overlay, and combinations thereof; and wherein thespecific attribute or property assigned to any cell is a function of thespecific market trading data associated therewith.
 5. The interactivegrid-based graphical trading system of claim 1, wherein any trader canmodify the parameters of any order, over which that trader hasdiscretion, for a selected security or group of securities beingdisplayed on the grid-based graphical interface, at any instant in time,by selecting a relevant order cell using a pointing device interactivewith said grid-based graphical interface, and dragging and dropping saidselected relevant order cell to a destination cell; wherein saiddragging and dropping of said selected relevant order cell causes saidgrid-based graphical interface to activate said first process means tosend transaction instructions comprising an amendment of previousspecific trading parameters associated with the relevant selected order;and wherein said second process means electively affects an alterationof the specific visual or graphical properties assigned to both saidrelevant order cell and said destination cell.
 6. The interactivegrid-based graphical trading system of claim 1, wherein said axisassociated with price is presented as a specific price range above and aspecific price range below the last traded price of a selected securityor groups of securities at any instant in time, and wherein said lasttraded price is present on said price axis.
 7. The interactivegrid-based graphical trading system of claim 1, wherein saidcommunication channels include middleware used by any marketparticipant.
 8. The interactive grid-based graphical trading system ofclaim 6, wherein the price difference between two adjacent cells alongsaid price axis is the minimum price variance (MPV), or a multiple ofthe minimum price variance, for any selected security or groups ofsecurities being displayed at any instant in time.
 9. The interactivegrid-based graphical trading system of claim 1, wherein said markettrading data representing specific order data and quote data for aselected security or group of securities, is presented in a matrixcomprising a plurality of rows and a plurality of columns of cells,wherein each row of cells or each column of cells is associated with aspecific price or range of specific prices for any given security orgroup of securities, and wherein said market trading data beingdisplayed in any cell of said row of cells or said column of cellsincludes a plurality of specific components related to selected marketparameters associated with said data.
 10. The interactive grid-basedgraphical trading system of claim 9, wherein specific order data andspecific quote data are linked and associated to a respective one of aset of GUI objects in said grid-based graphical interface at each saidtrader's location.
 11. The interactive grid-based graphical tradingsystem of claim 7, wherein said middleware functions to translate dataand instructions sent over any communication channel into a format thatis understood by said grid-based graphical interface at any trader'slocation, or a respective backend system at any market participant'slocation.
 12. The interactive grid-based graphical trading system ofclaim 11, wherein said middleware has components therein to translateany trading order instruction issued thereto from a trader, or totranslate messages from a market participant.
 13. The interactivegrid-based graphical trading system of claim 1, wherein said grid-basedgraphical interface for any trader has a data storage.
 14. Theinteractive grid-based graphical trading system of claim 7, wherein saidmiddleware has an associated data storage relevant to said system. 15.The interactive grid-based graphical trading system of claim 1, whereina selected security for which said trading data is displayed at anyinstant in time may be changed to another selected security by anytrader, at any instant in time.
 16. The interactive grid-based graphicaltrading system of claim 1, wherein the trading data for any selectedsecurity being displayed at any instant in time by any trader isconstantly updated having regard to new trading data being received bythe grid-based graphical interface for that selected security.
 17. Theinteractive grid-based graphical trading system of claim 1, wherein anybackend system will perform at least the following tasks: accountmanagement for each trading account, processing trading orders for eachvalid transaction which a trader issues; order execution, whereby eachvalid transaction issued by any trader is executed; data dissemination,whereby market trading data concerning any security is delivered to anytrader's grid-based graphical interface; and backend system managementfor monitoring and maintaining security and operation of the backendsystem.
 18. The interactive grid-based graphical trading system of claim1, wherein each market participant is chosen from the group consistingof stock brokerages, electronic communication networks (ECN's), stockexchanges, commodity exchanges, futures exchanges, bourses, and auctionhouses.
 19. The interactive grid-based graphical trading system of claim1, wherein each selected security for which market trading data isdisplayed is chosen from the group consisting of shares of stock,commodities, futures, options, bonds, warrants, exchange traded funds(ETFs), share or index based options, futures contracts, options onfutures contracts, and items that are bought or sold by auction.
 20. Theinteractive grid-based graphical trading system of claim 1, wherein datacommunications over said communications channels are in keeping withselected protocols which are established to standardize data interchangebetween the grid-based graphical interface communicating over any saidcommunications channels, with any backend systems; wherein said datacommunications may electively use secure data encryption modes.
 21. Theinteractive grid-based graphical trading system of claim 7, wherein saidmiddleware further performs the task of connection management, wherebyconnection requests from any trader's grid-based graphical interface tothe backend systems are granted or rejected, and wherein existingconnections are monitored and managed.
 22. The interactive grid-basedgraphical trading system of claim 1, further including a display panel,wherein said display panel contains individual icons representing eachsecurity held by any respective trader in that trader's account.
 23. Theinteractive grid-based graphical trading system of claim 22, whereineach icon represents a security position held by that trader in thattrader's account, and any such icon is dragged and dropped onto aspecific valid cell of the grid-based graphical interface; and whereinthe drag and drop operation on any selected icon causes the grid-basedgraphical interface to issue transaction instructions to a respectivebackend system through said middleware.
 24. The interactive grid-basedgraphical trading system of claim 1, further including a display panelassociated with said interactive grid-based graphical trading system atany trader's location, wherein said display panel contains GUI objectsto represent any monetary value or security which is held in anytrader's account; wherein said interactive grid-based graphical tradingsystem further include fourth process means that permits said monetaryvalue or security associated with a respective GUI object to beseparated into a plurality of GUI objects, representing in total saidmonetary value or security, as elected by said trader.
 25. Theinteractive grid-based graphical trading system of claim 24, wherein GUIobjects are used to represent specific quantities of units of anyselected security, and additional GUI objects are used to representselected amounts of cash; and wherein, in each instance, each GUI objectis linked to data representing said specific quantities of units of anyselected security, or representing said selected amounts of cash insoftware at the trader's location.
 26. The interactive grid-basedgraphical trading system of claim 1, wherein the grid-based graphicalinterface is application software, which is available through a computerat the respective trader's location.
 27. The interactive grid-basedgraphical trading system of claim 9, wherein one of said plurality ofrows or one of said plurality of columns of cells, is associated with atleast one market participant, so that each cell can represent at leastone specific quote data or order data being posted by at least onemarket participant for the selected security or item being displayed atany instant in time.
 28. The interactive grid-based graphical tradingsystem of claim 9, wherein cells representing at least one buy order orat least one buy quote at or near the bid price, and different cellsrepresenting at least one sell order or at least one sell quote at ornear the ask price, which represent market trading data being posted bya market participant for a selected security, are simultaneouslydisplayed.
 29. The interactive grid-based graphical trading system ofclaim 9, wherein any cell that represents at least one order associatedwith at least one market participant at the respective specific price orrange of specific prices indicated by that cell, is displayed withselected graphical properties.
 30. The interactive grid-based graphicaltrading system of claim 29, wherein said graphical properties are chosenfrom the group consisting of: a distinct color, a distinct shape,distinct text labels, and combinations thereof and wherein saidgraphical properties identify the cell as representing data for at leastone order or at least one quote.
 31. The interactive grid-basedgraphical trading system of claim 30, wherein a text label indicates atleast one parameter selected by a trader for said at least one order orat least one quote represented by said cell; wherein said at least oneparameter is chosen from the group consisting of order type, thequantity of units of the selected security, the symbol of the selectedsecurity, the duration of the order, and combinations thereof.
 32. Theinteractive grid-based graphical trading system of claim 1, whereinadditional data is associated with each cell; whereby said additionaldata can be electively displayed by clicking or right-clicking on saidcell; and wherein said additional data is chosen from the group of dataconsisting of: the number of orders associated with said cell, the totalvolume or number of contracts, the total dollar value of the ordersoutstanding, the total volume of the orders traded, and the lot sizeoutstanding, and combinations thereof.
 33. The interactive grid-basedgraphical trading system of claim 1, wherein the data displayed on adisplay panel on said display device at any trader's location includestext based quote data and related summary statistics for a selectedsecurity or group of securities at any instant in time; and wherein saidtext based quote data & related summary statistics includes data chosenfrom, the group consisting of: the exchange or market where the selectedsecurity is being traded, the current bid price, the current ask price,the current bid size, the current ask size, the last trade price, thesize of the last transaction in terms of the number of units of theselected security traded, the change in the price of the last trade withrespect to the closing price of the previous session, the volume interms of the number of units of the selected security that had beentraded during the current trading session, the high price of thesession, the low price of the session, the opening price of the session,and combinations thereof.
 34. The interactive grid-based graphicaltrading system of claim 33, wherein said text based quote data iscategorized as Level 1 data.
 35. The interactive grid-based graphicaltrading system of claim 1, wherein a standard protocol defines theformat of the instructions and data that are exchanged between theinteractive grid-based graphical trading system and any backend systemof any market participant.
 36. The interactive grid-based graphicaltrading system of claim 35, wherein said standard protocol is based oneXtensible Markup Language (XML).
 37. The interactive grid-basedgraphical trading system of claim 1, wherein data from a backend systemis associated with a respective GUI object at any trader's grid-basedgraphical interface.
 38. The interactive grid-based graphical tradingsystem of claim 1, wherein a plurality of grid-based graphicalinterfaces are presented in a plurality of overlapping tab pages, andwherein the tab for any of said pages can be selected, wherein saidplurality of tab pages are contained in at least one display panel onsaid display device, and wherein at least one grid-based graphicalinterface is associated with one tab page or one display panel at anyinstant in time.
 39. The interactive grid-based graphical trading systemof claim 3 8, wherein the specific visual or graphical properties of anytab page may change at any instant in time, as a result of a specificevent occurring.
 40. The interactive grid-based graphical trading systemof claim 39, wherein said specific event is triggered by specific marketor user defined criteria related to said tab page, or to the securitiesassociated with said tab page.
 41. The interactive grid-based graphicaltrading system of claim 38, wherein a transaction is effected bydragging and dropping GUI object representing a specific tradinginstruction, for a specific security, from one display panel on saidsystem to the grid-based graphical interface.
 42. The interactivegrid-based graphical trading system of claim 38, wherein a transactionis effected by dragging and dropping a GUI object representing aspecific trading instruction, for a specific security, from a grid-basedgraphical interface to an alternate GUI object.
 43. The interactivegrid-based graphical trading system of claim 42, wherein said specifictrading instruction affects a cancel order instruction for the specificsecurity.
 44. The interactive grid-based graphical trading system ofclaim 5, wherein a transaction instruction which changes a parameterassociated with an existing open order is translated by middleware usedby any market participant, so as to appear to said trader as a singleseamless instruction.
 45. The interactive grid-based graphical tradingsystem of claim 1, wherein any trading order transaction is effected bydragging and dropping a GUI object which is representative of thespecific transaction onto a valid cell of the grid-based graphicalinterface, whereby said first process means will issue a respectivetransaction instruction through a respective communication channel to arespective market participant.
 46. The interactive grid-based graphicaltrading system of claim 1, wherein any trading order transaction iseffected by dragging and dropping a selected GUI object representativeof an intended transaction onto a destination cell on said grid-basedgraphical interface, and wherein said dragging and dropping of saidselected GUI object causes said grid-based graphical interface to applysaid first process means, so as to result in the placement of a neworder with a market participant; wherein said new order includesspecific trading parameters, and wherein said second process means mayelectively alter said specific visual or graphical properties assignedto both said selected GUI object and said destination cell.
 47. Theinteractive grid-based graphical trading system of claim 46, wherein anytrading order transaction which has been placed on the grid-basedgraphical interface but not yet filled, is cancelled by dragging therespective GUI object associated with the order outside the grid-basedgraphical interface.
 48. The interactive grid-based graphical tradingsystem of claim 1, wherein any open order for a specific security forwhich a trader has discretion, is cancelled by dragging and dropping aselected cell associated with the specific open order from thegrid-based graphical interface to a selected GUI object associated witha cancel transaction order; wherein said dragging and dropping of saidcell causes said interactive grid-based graphical trading system toapply said first process means, so as to result in the placement of acancel order instruction with the associated market participant; whereinsaid cancel order instruction includes specific parameters; and whereinsaid second process may electively alters aid specific visual orgraphical properties assigned to both said selected GUI object and saidselected cell.
 49. The interactive grid-based graphical trading systemof claim 1, wherein the price values represented by said price axis iselectively associated with an absolute price or price range, or arelative price or price range.
 50. The interactive grid-based graphicaltrading system of claim 49, wherein the adjustment of the price values,and the alteration of the associated visual or graphical properties ofeach cell, along said price axis, is under the control of said thirdprocess means.
 51. The interactive grid-based graphical trading systemof claim 1, wherein the relevant visual or graphical properties of anycell associated with either order data or quote data will, dynamicallychange in response to an amendment of its original properties, and inrelation with the values represented by said cell's respective axes. 52.The interactive grid-based graphical trading system of claim 1, whereinthe displayed price range for any price axis is automatically determinedaccording to a set of relevant market trading data.
 53. The interactivegrid-based graphical trading system of claim 52, wherein the range ofprice values which are displayed along said price axis, and the pricevalue for a selected row or column, is determined for each selectedsecurity at any instant in time as a factor of one of the criteriachosen from the group consisting of; the closing price for that securityduring the prior session, the opening price for that security during thecurrent session, the highest price paid for that security during thecurrent session, the lowest price bid for that security during thecurrent session, and the last price paid for that security, andcombinations thereof.
 54. The interactive grid-based graphical tradingsystem of claim 1, wherein the criteria for said at least one column arechosen from the group consisting of: a market participant, a security, acomponent of an index, an index, aggregate trading data from a pluralityof market participants, the trading activity of a market participantduring the current session, the trading activity of a component of anindex, the pending orders of the market participant at any instant intime, aggregate buy order and quote data from a plurality of marketparticipants, aggregate sell order and quote data from a plurality ofmarket participants, and combinations thereof.
 55. The interactivegrid-based graphical trading system of claim 1, wherein an axis notassociated with the price axis can represent any market criteria asidefrom price.
 56. The grid-based graphical trading system of claim 1,further including a display panel for an integrated chat session. 57.The interactive grid-based graphical trading system of claim 1, whereinsaid grid-based graphical interface for any trader has memory meansassociated therewith, whereby a record function stores said markettrading data in said memory at selected time intervals; whereby a replayfunction for said data, to recall said market trading data associatedwith said selected time intervals, and to graphically display said dataover a selected time period, is selectively invoked by said trader. 58.The interactive grid-based graphical trading system of claim 1, furtherincluding software whose purpose is to review and weigh a trader's cashposition and portfolio holdings, so as to make a recommendation on anorder parameter for a trading order for a selected security, at anyinstant in time, where the recommendation is a function of an orderparameter chosen from the group of order parameters consisting of: thebid price, the bid size, the ask price, the ask size, the last tradeprice, the volume or contracts traded over an interval of time, thevolatility, the liquidity, and combinations thereof, for said selectedsecurity at any instant in time.
 59. The interactive grid-basedgraphical trading system of claim 58, wherein said order parameter is atleast one of the size of the trading order, the quantity of the tradingorder, price of trading order, and duration of trading order for saidselected security.
 60. The interactive grid-based graphical tradingsystem of claim 1, wherein the graphical display at any trader'slocation includes a display panel containing data categorized as NasdaqLevel II data for a selected security at any instant in time; andwherein said Nasdaq Level II data includes at least one set of datawhich is chosen from the group consisting; the identity of a marketparticipant whose data is being displayed, the bid price and sizeassociated with a given market participant's data, the ask price andsize associated with a market participant's data, and combinationsthereof.
 61. The interactive grid-based graphical trading system ofclaim 1, wherein said at least one row or said at least one column has aGUI object associated therewith, whereby the status of open ordersassociated with said GUI object is changed under the control of saidfirst process means.
 62. The interactive grid-based graphical tradingsystem of claim 1, wherein a specific color, text label, pattern, shape,or texture is associated for each different type of trading order whichis displayed in any cell.
 63. The interactive grid-based graphicaltrading system of claim 62, wherein a specific color, texture, textlabel , shape, or pattern is associated with each cell representing anask price, or a higher price than said ask price, for any selectedsecurity in any given market; and wherein a different specific color,texture, text label, shape, or pattern is associated with each cellrepresenting a bid price, or a lower price than said bid price, for saidselected security in said any given market.
 64. The interactivegrid-based graphical trading system of claim 1, further including fourthprocess means that function to transform Nasdaq Level II data for anyselected security, at any instant in time, into a format suitable fordisplay on said grid-based graphical interface.
 65. The interactivegrid-based graphical trading system of claim 1, further including fifthprocess means that function to transform a stock exchange's market depthdata, or an Electronic Communication Network's (ECNs) electronic orderbook for any selected security, at any instant in time, into a formatsuitable for display on said grid-based graphical interface.
 66. Theinteractive grid-based graphical trading system of claim 57, whereinsaid replay function is controllable so that playback of said markettrading data is accelerated in time, or de-accelerated in time, anddisplayed visually.
 67. The interactive grid-based graphical tradingsystem of claim 1, wherein said market trading data which is displayedfor a selected security at any instant in time can be electivelyfiltered to display a subset of said trading data, which subsetsatisfies criteria based at least on one parameter associated with saiddata.
 68. The interactive grid-based graphical trading system of claim27, wherein columns representative of a parameter of said trading datacan be arranged automatically based on criteria defined by said trader.69. The interactive grid-based graphical trading system of claim 27,wherein columns representative of a parameter of said trading data canbe arranged manually through a drag and drop operation of a respectivecolumn header by said trader.
 70. The interactive grid-based graphicaltrading system of claim 22, wherein any one of said icons is chosen fromthe group of images consisting of; the logo of the company associatedwith said security, the trading symbol of the security, the type ofsecurity, the quantity of units of said security, the type of order forsaid security, the status of the order for said security, andcombinations thereof.
 71. The interactive grid-based graphical tradingsystem of claim 38, wherein a selected tab page associated with a givensecurity will become the active tab page as a result of at least oneuser interaction associated with said security.
 72. The interactivegrid-based graphical trading system of claim 38, wherein a tab page isautomatically created, at any instant in time, and is associated with aspecific security, as a result of at least one user interactionassociated with said security; and wherein said created tab page forsaid specific security does not exist prior to said user interaction.73. The interactive grid-based graphical trading system of claim 1,wherein any cell representing a specific order is displayed relative tosaid price axis, wherein the position of said any cell is determined bythe difference between the price associated with said specific order andthe price associated with a base price indicator on said price axis, andwherein at least one cell representing a specific order, is displayed.74. The interactive grid-based graphical trading system of claim 1,wherein any cell representing a specific quote is displayed relative tosaid price axis, wherein the position of said any cell is determined bythe difference between the price associated with said specific quote andthe price associated with a base price indicator on said price axis, andwherein at least one cell representing a specific quote, is displayed.75. An interactive graphical trading system comprising of a graphicalinterface adapted to display market trading data received from at leastone market participant, wherein said graphical interface establishesconnections with any backend systems used by any market participantthrough communication channels; wherein said market trading dataincludes information chosen from the group of market trading dataconsisting of: order data as to buy, sell, or other trading orders,quote data as to bid and ask prices, volume, market participantidentifiers, and other parameters, and wherein said market trading datais transmitted to said graphical interface from said back end system incomputer-readable electronic format; wherein said graphical interfaceincludes at least one display panel for graphically presenting markettrading data, wherein said market trading data is graphically presentedon said at least one display panels; wherein an intended trading orderor a trading order is represented on said at least one display panel bya GUI object, wherein said GUI object is selected and positioned oversaid at least one display panel, by a user of said graphical interface,using pointing and positioning means for pointing and positioning a GUIobject on said graphical interface, and wherein the act of selecting andpositioning said GUI object representing said trading order, over saidat least one display panel, effects order placement or ordermodification instructions.
 76. An interactive grid-based graphicalsoftware object for presenting market trading data, wherein saidsoftware object comprising a set of GUI objects, user interaction modes,and program logic; wherein said interactive grid based graphicalsoftware object is implemented in software made available through acomputer at a user's location; wherein said interactive grid-basedgraphical software object is implemented as a software component, andsaid software component is incorporated into software applications andis adapted for any specific computing platform; wherein said interactivegrid based graphical software object is adapted to receive and displaymarket trading data from a plurality of market trading data sources,wherein any particular market trading data source may be electivelyselected at any instant in time; wherein said set of GUI objects aregraphical representations of market trading data received by saidinteractive grid-based graphical software object, and said set of GUIobjects are associated with visual and graphical properties selectedfrom the group consisting of: color, shape, size, text labels, andcombinations thereof; wherein said user interaction modes represent aset of actions available to a user for interacting with said interactivegrid based graphical software object; such that said user interactionmodes affect the graphical representation displayed on said interactivegrid-based graphical software object, wherein said user interactionmodes are selected from the group consisting of: right click, doubleclick, and left click using a pointing device, a drag and dropoperation, a stylus screen tap, a stylus drag and drop operation, atouch screen tap, shortcut keys, and combinations thereof; wherein saidprogram logic functions to receive, process, and graphically representmarket trading data; wherein said program logic further functions toreceive, process, and interpret user interaction with said softwareobject; wherein graphical representation includes at least one gridcomprised of a plurality of cells arranged in an array of at least onerow or at least one column; wherein a row is an arrangement ofhorizontally adjacent cells with at least one common property, and acolumn is an arrangement of vertically adjacent cells with at least onecommon property, and wherein each cell within the said plurality ofcells belongs to one row and one column; wherein said plurality of cellsis arranged in a matrix chosen from the group consisting of: a pluralityof rows and at least one column, and in a plurality of columns and atleast one row, and wherein said plurality of rows or said plurality ofcolumns are associated with an axis representing price; wherein saidaxis representing price is the price axis; wherein said visual andgraphical properties of GUI objects are altered as a result of changesin the received market trading data and user interaction with saidsoftware object; wherein any cell may be associated with said markettrading data, and contains a graphical representation of said markettrading data; wherein said matrix is associated with said market tradingdata and contains a graphical representation of said market tradingdata; wherein each cell along said price axis indicates a price or pricerange for which said market data exists, and the other of said at leastone column or said a least one row is indicative of a specific criterionchosen from a plurality of criteria; within which said market tradingdata may be categorized as to price or a range of prices; wherein saidplurality of criteria is from the group consisting of: a specificsecurity, a group of securities, an index, a market trading participant,a group of market trading participants, a segment of time, andcombinations thereof; and wherein any trader can place or modify anorder for a selected security or group of securities, over which saidtrader has discretion, by interacting with said interactive grid-basedgraphical software object; wherein said interaction is accomplishedthrough user interaction modes.
 77. An interactive grid-based graphicalquote presentation system for use by any user to receive and displaymarket trading data from any market participant, in essentially realtime, said system comprising a grid-based graphical interface for use byany trader, wherein said graphical interface is adapted to establish atleast one connection to any market participant through at least onecommunication channel; wherein said interactive grid-based graphicalquote presentation system is made available through a computer at anyuser's location; wherein said interactive grid-based graphical quotepresentation system for use by any user is adapted to receive anddisplay market trading data received from a plurality of marketparticipants, essentially in real time, and wherein any user may selectany particular securities for which data are electively required, at anyinstant in time; wherein said interactive grid-based graphical quotepresentation system includes first process means that function to sendrequests through said communication channels to at least one markettrading data source, and to receive messages from said at least onemarket participant through said at least one communication channel, andwherein said grid-based graphical quote presentation system includessecond process means that function to receive, process, and display saidmarket trading data, and said messages; wherein said market trading dataincludes information chosen form the group of market trading dataconsisting of: quote data as to bid and ask prices, volume, marketparticipant identifiers, and other parameters, existing at that instantin time for any selected security or group of securities; wherein saidmarket trading data is transmitted to each said interactive grid-basedgraphical quote presentation system from said market participants incomputer-readable electronic format; wherein said interactive grid-basedgraphical quote presentation system includes third process means thatfunction to transform said market trading data received from any markettrading data sources, at any instant in time, into a graphicalrepresentation for display on any display device, wherein said graphicalrepresentation includes at least one grid having a plurality of cells inan array of at least one row or at least one column; wherein a row is anarrangement of horizontally adjacent cells with at least one commonproperty, and a column is an arrangement of vertically adjacent cellswith at least one common property, and wherein each cell within saidplurality of cells belongs to one row and one column; wherein saidplurality of cells is arranged in a matrix chosen from the groupconsisting of a plurality of rows and at least one column, and in aplurality of columns and at least one row; and combinations thereof, andwherein said plurality of rows or plurality of columns are associatedwith an axis associated with price; wherein any cell is associated withsaid market trading data, and contains a graphical representation ofsaid market trading data, and is associated with a specific price orrange of prices; wherein each cell along said price axis indicates aprice or price range for which said market trading data exists, and theother of said at least one column or said at least one row is indicativeof a selected criteria chosen from a plurality of criteria within whichsaid market trading data is categorized as to price or range of prices;and wherein any user issues a request for trading information at anyinstant in time, by interacting with said interactive grid-basedgraphical quote presentation system, wherein said interaction can effectthe issuance of said instructions associated with a request for quoteinformation; wherein said interaction can be accomplished by at leastone interaction modes.
 78. A software object providing a graphicalrepresentation of trading data originating from at least one datasource, wherein said graphical representation of trading data iselectively interactive, and wherein said software object is executableby a computer, and comprising: (a) first process means for establishingat least one connection with at least one data source, wherein said atleast one data source is selected from the group consisting of:securities exchanges, stock markets, currency markets, commoditiesexchanges, electronic communication networks (ECNs), brokerage firms,auction houses, data feed providers, market simulation software, tradingdata published on computer-readable media, and combinations thereof;wherein said at least one data source is an external to the computerwhere said software object is executing; wherein said at least one datasource can reside in the same computer where said software object isexecuting; (b) second process means for retrieving and receiving tradingdata from said at least one data source, wherein said trading data iselectively retrieved continuously or from time to time; (c) thirdprocess means for transforming said trading data into a form that issuitable for display by said software object; (d) fourth process meansfor displaying said trading data by means of at least one visualpresentation style; and (e) fifth process means for receiving andinterpreting input from a user of said software object, through selecteduser interaction modes; wherein said input causes said software objectto automatically generate trading instructions, based on said user'sspecific input and the context of the currently displayed trading data;wherein said trading instructions are selected from the group consistingof: buy order instructions, sell order instructions, order cancellationinstructions, and order amendment instructions; wherein said tradinginstructions are transmitted to at least one backend trading systemcapable of processing said trading instructions; wherein said at leastone backend trading system is associated with at least one marketparticipant; wherein said at least one market participant is selectedfrom the group consisting of: stock exchanges, electronic communicationnetworks (ECNs), order-entry firms, brokerage firms, commoditiesexchanges, and currency markets; wherein said at least one backendtrading system can be market simulation software; wherein said at leastone backend trading system is external to the computer where saidsoftware object is executing; and wherein said at least one backendtrading system can reside in the same computer where said softwareobject is executing; wherein said trading data comprises data elementsselected from the group consisting of: order data, quote data, and indexdata; wherein said order data and said quote data are associated withspecific securities; wherein said order data and said quote datadirectly reflect real orders and quotes posted to at least one market,exchange, and qualified market participant; wherein said data elementspossess a price dimension directly related to the price of the securityassociated with said data elements; wherein the values associated withsaid price dimension are numeric price values; and wherein said dataelements possess at least one additional dimension or parameter; whereinsaid software object is adapted to retrieve said trading data from saidat least one data source, and said trading data may be electivelyretrieved continuously, or from time to time; wherein said softwareobject automatically binds to said trading data; wherein said softwareobject comprises a drawing area for displaying a visual representationof said data elements; wherein said data elements comprising order dataand quote data are represented on said software object's drawing area byicons, shapes, and other graphical user interface (GUI) objects; whereinsaid icons, shapes, and other GUI objects are rendered by means of atleast one visual presentation style, wherein said at least one visualpresentation style functions to graphically distinguish betweendifferent types of orders and quotes; wherein said software objectcomprises an axis associated with numeric values, wherein said numericvalues associated with said axis directly correspond to the numericprice values of said price dimension, and wherein said numeric valuesassociated with said axis are based on at least one criterion; whereinsaid software object comprises at least one additional axis associatedwith said at least one additional dimension or parameter; wherein saidaxis and said at least one additional axis are represented on saiddrawing area using at least one visual presentation style; wherein saidfirst price axis and said at least one additional axis define a specificcoordinate system when combined in a specific manner, which functions todescribe the positions of said shapes or icons representing said dataelements in said drawing area; and wherein said description of positionsof said shapes or icons facilitates the plotting of said shapes or iconsonto said drawing area; wherein said plotting comprises at least onemethod for determining the positions of said shapes or icons, on saiddrawing area, wherein said at least one method is based on at least onecriterion, and wherein said at least one criterion is the numeric pricevalue of said price dimension associated with said data elements;wherein said positions are defined in terms of said coordinate system,wherein said positions are determined for the purpose of plotting andrendering said shapes or icons, representing said data elements, ontosaid drawing area, and wherein said plotting and rendering is electivelydynamic and continuous, and is linked to said continuous retrieval ofdata; wherein said first price axis functions to provide a referenceframe for plotting and rendering the dynamic variation in values of saidprice dimension associated with said data elements; wherein said dynamicvariation in values of said price dimension associated with said dataelements is graphically represented by varying the positions of saidshapes or icons on said drawing area, with respect to said first priceaxis; wherein said at least one additional axis functions to categorizesaid data elements, as represented by said shapes or icons on saiddrawing area, according to at least one criterion, wherein said at leastone criterion is based on the values of said additional dimensions orparameters associated with said data elements; wherein said first priceaxis and said at least one additional axis function to facilitate themanipulation by a user of said software object, of the values ofspecific parameters associated with said data elements, as representedby said shapes or icons plotted and rendered on said software object'sdrawing area, by providing references against which variations in valuescan be measured; wherein said manipulation is subject to at least onerule, and wherein said manipulation is accomplished by means of at leastone user interaction mode; and wherein said manipulation by a user ofsaid software object, causes said software object to automaticallygenerate trading instructions, based on said user's specific input andthe context of the currently displayed trading data; wherein saidtrading instructions are selected from the group consisting of: buyorder instruction, sell order instruction, order cancellationinstruction, and order amendment instruction; and wherein said tradinginstructions are sent to at least one backend trading system capable ofprocessing said instructions.
 79. A software object providing agraphical representation of trading data originating from at least onedata source, wherein said software object is executable by a computer,and comprises: first process means for establishing at least oneconnection with at least one data source; second process means forreceiving trading data from said at least one data source; third processmeans for transforming said trading data into a form that is suitablefor display by said software object; and fourth process means fordisplaying said trading data by using at least one visual presentationstyle; wherein said at least one data source is selected from the groupconsisting of: securities exchanges, stock markets, currency markets,commodities exchanges, electronic communication networks (ECNs),brokerage firms, auction houses, data feed providers, market simulationsoftware, trading data published on computer-readable media, andcombinations thereof; wherein said trading data comprises data elementsselected from the group consisting of: quote data, order data, and indexdata; wherein said data elements are associated with a specific securityor a group of securities; wherein said data elements possess a pricedimension representing the price of the security or the value of theindex associated with said data elements; wherein the values associatedwith said price dimension are numeric price values or numeric indexvalues; and wherein said data elements possess at least one additionaldimension; wherein said software object further includes a visualmanifestation displayed on said computer's associated display means;wherein said visual manifestation includes a drawing area for renderinga graphical representation of said trading data; wherein said visualmanifestation includes an axis associated with numeric price valueswhich are associated with said price dimension, wherein said axis isrendered on said drawing area using at least one visual presentationstyle, and wherein said axis is a price axis; wherein said visualmanifestation further includes graphical user interface (GUI) objects;wherein said GUI objects are selected from the group consisting of:icons, images, geometric shapes, and combinations thereof; wherein saidGUI objects function to graphically represent order data and quote datareceived from said at least one data source; wherein said GUI objectsare rendered on said drawing area by at least one visual presentationstyle; wherein said at least one visual presentation style functions tographically distinguish between different types of orders and quotesassociated with said data elements; wherein said price axis defines onedimension of a coordinate system; wherein said coordinate systemfunctions as a reference for plotting said GUI objects onto said drawingarea; wherein said plotting comprises at least one process fordetermining the positions where said GUI objects are rendered on saiddrawing area; wherein said at least one process correlates the numericprice values of said price dimension with the numeric price valuesassociated with said price axis; wherein said positions are defined withrespect to said one dimension of a coordinate system, and are determinedfor the purpose of plotting and rendering said GUI objects onto saiddrawing area; wherein said trading data is received essentiallycontinuously; wherein said essentially continuous reception of tradingdata effects dynamic variations in the values of said price dimensionand said at least one additional dimension associated with said dataelements; and wherein said dynamic variations in the values of saidprice dimension, and said at least one additional dimension, isgraphically represented by dynamically varying the positions andgraphical properties of said GUI objects rendered on said drawing area.80. The software object of claim 79, further comprising: fifth processmeans for receiving and interpreting input from a user of said softwareobject, by means of at least one user interaction mode; wherein saidvisual manifestation's graphical properties and settings are electivelyadjusted by a user of said software object, wherein said adjustment isaccomplished by said user through at least one user interaction mode;and wherein said adjustment is facilitated by said fifth process means.81. The software object of claim 80, further comprising: sixth processmeans for generating and transmitting trading instructions, andreceiving feedback data pertaining to the status of said tradinginstructions; wherein said fifth process means, and said sixth processmeans, together facilitate the graphical placement of trading orders,and the graphical amendment of trading orders; wherein said graphicalplacement and said graphical amendment of trading orders is performed bya user of said software object by interacting with said visualmanifestation, wherein said interaction is subject to at least one rule;wherein said interaction is accomplished by means of at least one userinteraction mode; wherein said GUI objects function to graphicallyrepresent trading orders initiated by a user of said software object;wherein said graphical placement and graphical amendment of tradingorders causes said software object to generate trading instructions,wherein said trading instructions are selected from the group consistingof: buy order instructions, sell order instructions, order cancellationinstructions, and order amendment instructions; wherein said tradinginstructions are transmitted to at least one backend trading systemcapable of processing said trading instructions; wherein said at leastone backend trading system is associated with at least one marketparticipant; wherein said at least one market participant is selectedfrom the group consisting of: securities exchanges, stock markets,currency markets, commodities exchanges, electronic communicationnetworks (ECNs), brokerage firms, and auction houses; and whereinfeedback data pertaining to the status of said trading orders isreceived and interpreted by said software object through said sixthprocess means.
 82. The software object of claim 79, wherein said atleast one data source is external to the computer where said softwareobject is executing; and wherein said external data source is accessibleto said software object through communication channels.
 83. The softwareobject of claim 79, wherein said at least one data source resides in thesame computer where said software object is executing.
 84. The softwareobject of claim 79,wherein said software object is adapted to receivestreaming trading data from said at least one data source; and whereinsaid trading data is received in essentially real-time.
 85. The softwareobject of claim 79, wherein said software object is adapted to requestsaid trading data from said at least one data source; wherein saidtrading data is received in response to said request; wherein saidtrading data is requested and received essentially continuously; andwherein said trading data is received in essentially real-time.
 86. Thesoftware object of claim 79, wherein said visual manifestation furtherincludes at least one additional axis; wherein said at least oneadditional axis is associated with at least one additional dimensionassociated with said data elements; wherein said at least one additionalaxis is associated with at least one criterion; wherein said at leastone criterion is selected from the group consisting of: a marketparticipant, a group of market participants, a security, a group ofsecurities, an index, an interval of time, and combinations thereof;wherein said at least one additional axis is rendered on said drawingarea using at least one visual presentation style; wherein said priceaxis and said at least one additional axis combine to define amulti-dimensional coordinate system; wherein the number of dimensions ofsaid multi-dimensional coordinate system is determined by the number ofaxes; and wherein said multi-dimensional coordinate system functions asa reference for plotting said GUI objects onto said drawing area;wherein said plotting includes at least one process for determining thepositions where said GUI objects are rendered on said drawing area;wherein said at least one process correlates the numeric price values ofsaid price dimension, with the numeric price values associated with saidprice axis; wherein said at least one process categorizes said dataelements according to said at least one criterion associated with saidat least one additional axis; and wherein said positions are determinedwith respect to said multi-dimensional coordinate system, and aredetermined for the purpose of plotting and rendering said GUI objectsonto said drawing area.
 87. The software object of claim 79, whereinsaid at least one backend trading system is external to the computerwhere said software object is executing; and wherein said at least onebackend trading system is accessible to said software object throughcommunication channels.
 88. The software object of claim 79, whereinsaid at least one backend trading system resides in the same computerwhere said software object is executing.
 89. The software object ofclaim 81, wherein said feedback data is transformed into a form that issuitable for display on said drawing area, through said third processmeans; and wherein said feedback data is displayed on said drawing area,through said fourth process means.
 90. The software object of claim 79,wherein said software object is adapted to connect, and retrieve tradingdata from a plurality of data sources; wherein said plurality of datasources are external to the computer where said software object isexecuting; wherein said plurality of data sources are accessible to saidsoftware object through communication channels; wherein said pluralityof data sources employ dissimilar communication protocols; and whereincommunication between said software object and said plurality of datasources is facilitated by middleware.
 91. The software object of claim81, wherein said software object is adapted to transmit tradinginstructions to, and receive feedback data from, a plurality of backendtrading systems; wherein said plurality of backend trading systems areexternal to the computer where said software object is executing;wherein said plurality of data sources are accessible to said softwareobject through communication channels; wherein said plurality of backendtrading systems employ dissimilar communication protocols; and whereincommunication between said software object and said plurality of backendtrading systems is facilitated by middleware.
 92. The software object ofclaim 79, wherein said software object is implemented as an integratedfeature of an application program intended for securities trading. 93.The software object of claim 79, wherein said software object isimplemented as a self-contained, reusable software component; whereinsaid software component is selected from the group consisting of: anActiveX control, a Java applet, a Java Swing component, and combinationsthereof; wherein said implementation of said software objectindependently functions as a quote presentation system, or as a quotepresentation system with order placement and order amendmentcapabilities; and wherein said software object is incorporated within anapplication program intended for securities trading.
 94. The softwareobject of claim 79, wherein said software object is implemented as a setof macros or scripts; wherein said macros or scripts are created byutilizing the programmability features of specific application programs;and wherein said specific application programs is selected from thegroup consisting of: Microsoft Excel, Microsoft Word, MicrosoftPowerPoint, Microsoft Visio, Lotus 1-2-3, and WordPerfect.
 95. Thesoftware object of claim 79, wherein said trading data is encoded usingeXtensible Markup Language (XML); and wherein said trading data iscompressed, encrypted, or both.
 96. The software object of claim 81,wherein said trading instructions are encoded using eXtensible MarkupLanguage (XML); and wherein said trading instructions are compressed,encrypted, or both.
 97. The software object of claim 81, wherein saidprice axis is directly related to the range of trading prices associatedwith a specific security and is partitioned into a plurality ofsegments; wherein each of said plurality of segments represents anumeric price, or a range of numeric prices representative of thetrading prices of said specific security; wherein every trading priceassociated with said specific security is represented in said price axisby not more than one segment along said price axis; wherein each of saidplurality of segments is labeled with a nominal numeric valuerepresentative of the price or range of prices associated with saidsegment; and wherein the difference between the nominal numeric pricesassociated with any two adjacent segments corresponds to said specificsecurity's minimum price variance (MPV), or a multiple thereof.
 98. Thesoftware object of claim 79, wherein said price axis is indirectlyrelated to the range of trading prices associated with a specificsecurity or group of securities; wherein said price axis is partitionedinto a plurality of segments; wherein each of said plurality of segmentsis associated with a numeric value; wherein a specific segment of saidprice axis is associated with a reference value; wherein said referencevalue is selected from the group consisting of: the previous closingprice of the security, the bid price, the ask price, the last tradeprice, an index value, the average price, the high price, and the lowprice of said security's price or said index value over a selectedperiod of time; wherein the numeric values associated with saidplurality of segments distinct from said specific segment are determinedbased on the difference between a nominal numeric value associated withsaid reference value and a multiple of a specific increment value;wherein each of said plurality of segments is labeled with a nominalnumeric value representative of said difference; wherein the positionsfor plotting said GUI objects onto said drawing area are determinedusing a mathematical formula; wherein said mathematical formula is basedon the difference between a price parameter of said specific security orgroup of securities, and said reference value; and wherein said priceparameter is selected from the group consisting of: the last tradeprice, the limit order price, the stop order price, and combinationsthereof.
 99. The software object of claim 80, wherein said at least oneuser interaction mode is selected from the group consisting of:clicking, double-clicking, dragging and dropping, pressing a keyboardshortcut, pressing a command button, and typing, and combinationsthereof; wherein said at least one user interaction mode utilizes atleast one input device; and wherein said at least one input device isselected from the group consisting of: a mouse, a trackball, a stylus, ajoystick, a light pen, a keyboard, a pointing device, and combinationsthereof.
 100. An interactive grid-based graphical trading system for useby any trader, where the system comprises a grid-based graphicalinterface, said graphical interface being adapted to establishconnections with any backend system; wherein said interactive grid-basedgraphical trading system is adapted to receive and display markettrading data received from said backend system; wherein said interactivegrid-based graphical trading system includes first process means thatfunction to send transaction instructions to said backend system, and toreceive messages and market trading data from said backend system; andwherein said grid-based graphical interface includes second processmeans that function to receive, process, and display said market tradingdata, and said messages; wherein said market trading data includesinformation chosen from the group of market trading data consisting of:order data of said trader, and quote data for any selected security orgroup of securities; wherein said interactive grid-based graphicaltrading system includes third process means that function to transformsaid market trading data into a graphical representation for display ona display device, wherein said graphical representation includes atleast one grid having a plurality of cells arranged in a matrix chosenfrom the group consisting of: a plurality of rows and at least onecolumn, and a plurality of columns and at least one row; wherein a rowis an arrangement of horizontally adjacent cells with at least onecommon property, and a column is an arrangement of vertically adjacentcells with at least one common property, and wherein each cell withinthe said plurality of cells belongs to one row and one column; whereinsaid plurality of rows or said plurality of columns are associated witha price axis representing a range of prices, wherein said range ofprices is associated with the trading price range of any given security;wherein any cell may be associated with said market trading data, andcontains a graphical representation of said market trading data; whereineach cell along said price axis indicates a price or price range forwhich said market trading data exists, and the other of said at leastone column or said a least one row is indicative of a specific criterionchosen from a plurality of criteria within which said market tradingdata may be categorized; and wherein said any trader can place, ormodify, an order for a selected security or group of securities, overwhich that trader has discretion, by interacting with said grid-basedgraphical interface.
 101. The interactive grid-based graphical tradingsystem of claim 100, wherein said trader engages in trading securitiesthrough established security trading markets.
 102. The interactivegrid-based graphical trading system of claim 100, wherein said traderengages in trading securities in real time.
 103. The interactivegrid-based graphical trading system of claim 100, wherein saidconnections are established by said grid-based graphical trading systemto any backend system used by any market participant.
 104. Theinteractive grid-based graphical trading system of claim 100, whereinsaid connection with any backend system is established through suitablecommunications channels.
 105. The interactive grid-based graphicaltrading system of claim 100, wherein said communication channels includemiddleware used by any market participant.
 106. The interactivegrid-based graphical trading system of claim 100, wherein said orderdata of said trader is chosen from the group consisting of: buy, sell orother trading orders existing at that instant in time, for any selectedsecurity or group of securities.
 107. The interactive grid-basedgraphical trading system of claim 100, wherein said quote data is chosenfrom the group consisting of: bid price, ask price, last trade prices,bid size, ask size, last trade volume, market participant identifier,and other quote parameters for any selected security or group ofsecurities, and combinations thereof.
 108. The interactive grid-basedgraphical trading system of claim 100, wherein said interactivegrid-based graphical trading system is available through a computer ateach trader's site.
 109. The interactive grid-based graphical tradingsystem of claim 100, wherein said user may select any particularsecurities for which data are electively required, at any instant intime.
 110. The interactive grid-based graphical trading system of claim100, wherein said plurality of criteria is chosen from the groupconsisting of: a specific security, a group of securities, an index, amarket participant, a group of market participants, a segment of time,and combinations thereof.
 111. The interactive grid-based graphicaltrading system of claim 100, wherein said graphical representation isassociated with graphical properties chosen from the group consistingof: a distinct color, a distinct shape, distinct text labels, andcombinations thereof, and wherein said graphical properties identify thecell as representing data for at least one order or at least one quote.112. The interactive grid-based graphical trading system of claim 100,wherein said market trading data is transmitted to each said grid-basedgraphical interface at the site of said any trader from said backendsystem of any market participant, in computer-readable electronicformat.
 113. The interactive grid-based graphical trading system ofclaim 100, wherein said interaction is accomplished by a drag and dropoperation.
 114. An interactive trading recommendation system for use byany trader who engages in trading securities through establishedsecurity trading markets, in essentially real time, said systemcomprising: at least one input data, wherein said input data is chosenfrom the group consisting of: trading account data, securities data,preference data, risk data, and combinations thereof; and process meansto analyse said input data, and to output a recommendation as to thesize or volume of an order; wherein said recommendation is a numericvalue.
 115. The interactive trading recommendation system of claim 114,wherein said trading account data is chosen from the group consistingof: cash in a trading account, the market value of all securities in atrading account, the value of a portfolio, margin in a trading account,the value of stocks in a trading account, the value of bonds in atrading account, the value of mutual funds in a trading account, thebuying power associated with a trading account, and combinationsthereof.
 116. The interactive trading system of claim 114, wherein saidsecurities data is chosen from the group consisting of: the value of anindex: the bid, ask or last trade price of a security, a group ofsecurities, or an index: holdings data on a security or a group ofsecurities; and combinations thereof.
 117. The interactive tradingrecommendation system of claim 114, wherein said preference data ischosen from the group consisting of: the minimum funds available forinvestment, the maximum funds available for investment, the fundsavailable for investment in an industry sector or group, the percentageof cash holdings to invest, the percentage of the portfolio to invest,the identity of a security, asset allocation data, the trader'sinvestment objectives, and combinations thereof.
 118. The interactivetrading recommendation system of claim 114, wherein said risk data ischosen from the group consisting of: the volatility of security or agroup of securities, the volatility of an index or group of indexes, atechnical indicator, the profit or loss on a security or group ofsecurities, and combinations thereof.
 119. The interactive tradingrecommendation system of claim, 114 wherein said recommendation isrepresented as a GUI object.
 120. The interactive trading recommendationsystem of claim 119, wherein said GUI object is dragged and dropped ontoa suitable order entry interface of a trading system.
 121. Theinteractive trading recommendation system of claim 114, wherein saidrecommendation is made available to at least one external system chosenfrom the group consisting of: a software object, a software application,a spreadsheet, a trading system, a website, and combinations thereof.122. The interactive trading recommendation system of claim 114, whereinat least one of said input data is manually entered.
 123. Theinteractive trading recommendation system of claim 120, wherein at leastone of said input data is retrieved automatically.
 124. The interactivetrading recommendation system of claim 120, wherein said order entryinterface is a grid-based graphical interface.
 125. The interactivetrading recommendation system of claim 114, wherein said system isimplemented as a self-contained, reusable software component; whereinsaid software component is incorporated within an application programintended for securities trading.
 126. The interactive tradingrecommendation system of claim 114, wherein said system is implementedas an integrated feature of an application program intended forsecurities trading.
 127. The interactive trading recommendation systemof claim 114, wherein said numeric value is representatives of aparameter of trading order chosen from the group consisting of: units ofshares, units of lot size, number of contracts, and combinationsthereof.
 128. The interactive trading recommendation system of claim114, wherein said numeric value is rounded up or down to a standard lotsize or contract size.
 129. The interactive trading recommendationsystem of claim 114, wherein said process means biases said numericvalue, higher or lower, in accordance with at least one criterion chosenfrom the group consisting of a technical indicator, a statistic, aparameter of a security, a group of securities, and an index.
 130. Theinteractive grid-based graphical trading system of claim 1, wherein adisplay panel is associated with an order entry function; wherein saiddisplay panel contains at least one tab page; wherein said tab page isassociated with an order entry function for a specific order type;wherein the title of the tab of said page associates said specific orderentry type with said tab page; and wherein said order entry type ischosen form the group consisting of: a market order, a limit order, astop order, a short order, a change order, an options order, a futuresorder, a mutual fund order, a bond order, a T-bill order, a money marketorder, and combinations thereof.
 131. The interactive grid-basedgraphical trading system of claim 1, wherein a displayed fixed pricerange associated with said price axis is electively adjusted to displaythe price range in accordance with the current trading price range orspread of a security or a group of securities.
 132. The interactivegraphical trading system of claim 75, wherein any GUI object is assignedspecific visual or graphical attributes or properties chosen from thegroup of graphical or visual attributes or properties consisting ofcolor, border, label indicator, graphic overlay, text overlay, andcombinations thereof; and wherein the specific attribute or propertyassigned to any GUI object is a function of the specific market tradingdata associated therewith.
 133. The interactive graphical trading systemof claim 75, wherein any trader can modify the parameters of any order,over which that trader has discretion, for a selected security or groupof securities being displayed on the interactive graphical interface, atany instant in time, by selecting a relevant GUI object representing anorder using a pointing device interactive with said graphical interface,and dragging and dropping said selected GUI object representing an orderto a destination display panel or GUI object; wherein said dragging anddropping of said selected GUI object representing an order causes saidgraphical interface to activate first process means to send transactioninstructions comprising an amendment of previous specific tradingparameters associated with the relevant selected order; and whereinsecond process means electively effects an alteration of the specificvisual or graphical properties assigned to both said relevant GUI objectrepresenting an order and said destination display panel or GUI object.134. The interactive graphical trading system of claim 75, wherein saidmarket trading data representing specific order data and quote data fora selected security or group of securities, is represented by GUIobjects, wherein each GUI object representing quote data or order datais associated with a specific price or range of specific prices for anygiven security or group of securities, and wherein said market tradingdata represented by GUI objects includes a plurality of specificcomponents related to selected market parameters associated with saiddata.
 135. The interactive graphical trading system of claim 75, whereinthe trading data for any selected security being displayed at anyinstant in time by any trader is constantly updated having regard to newtrading data being received by the graphical interface for that selectedsecurity.
 136. The interactive graphical trading system of claim 75,further including a display panel, wherein said display panel containsindividual icons representing each security held by any respectivetrader in that trader's account.
 137. The interactive graphical tradingsystem of claim 136, wherein each icon represents a security positionheld by that trader in that trader's account, and any such icon is bedragged and dropped onto a display panel of the graphical interface; andwherein the drag and drop operation on any selected icon causes thegraphical interface to issue transaction instructions.
 138. Theinteractive graphical trading system of claim 136, wherein a text labelindicates at least one parameter selected by a trader for said at leastone order or at least one quote represented by said GUI object; whereinsaid at least one parameter is chosen from the group consisting of ordertype, the quantity of units of the selected security, the symbol of theselected security, the duration of the order, and combinations thereof.139. The interactive graphical trading system of claim 75, wherein atransaction may be effected by dragging and dropping GUI objectrepresenting a specific trading instruction, for a specific security,from one display panel on said system to another display panel.
 140. Theinteractive graphical trading system of claim 75, wherein a transactionis effected by dragging and dropping a GUI object representing aspecific trading instruction, for a specific security, from a graphicalinterface to an alternate GUI object.
 141. The interactive graphicaltrading system of claim 140, wherein said specific trading instructionaffects a cancel order instruction for the specific security.
 142. Theinteractive graphical trading system of claim 133, wherein a transactioninstruction that changes a parameter associated with an existing openorder is translated by middleware used by any market participant, so asto appear to said trader as a single seamless instruction.
 143. Theinteractive graphical trading system of claim 75, wherein a tradingorder transaction is effected by dragging and dropping a selected GUIobject representative of an intended transaction onto a destination GUIobject on said graphical interface, and wherein said dragging anddropping of said selected GUI object causes said graphical interface toapply said first process means, so as to result in the placement of anew order with a market participant; wherein said new order includesspecific trading parameters, and wherein said second process meanselectively alters said specific visual or graphical properties assignedto both said selected GUI object and said destination GUI object. 144.The interactive graphical trading system of claim 75, wherein an openorder for a specific security for which a trader has discretion, iscancelled by dragging and dropping a selected GUI object associated withthe specific open order from the graphical interface to a selected GUIobject associated with a cancel transaction order; wherein said draggingand dropping of said GUI object causes said interactive graphicaltrading system to apply said first process means, so as to result in theplacement of a cancel order instruction with the associated marketparticipant; wherein said cancel order instruction includes specificparameters; and wherein said second process electively alters saidspecific visual or graphical properties assigned to said selected GUIobject.
 145. The interactive graphical trading system of claim 75,wherein said criteria are chosen from the group consisting of: a marketparticipant, a security, a component of an index, an index, aggregatetrading data from a plurality of market participants, the tradingactivity of a market participant during the current session, the tradingactivity of a component of an index, the pending orders of the marketparticipant at any instant in time, aggregate buy order data from aplurality of market participants, aggregate sell order data from aplurality of market participants, and combinations thereof.
 146. Theinteractive graphical trading system of claim 75, wherein each marketparticipant is chosen from the group consisting of stock brokerages,electronic communication networks (ECN's), stock exchanges, commodityexchanges, futures exchanges, bourses, and auction houses.
 147. Theinteractive graphical trading system of claim 75, wherein each selectedsecurity for which market trading data is displayed is chosen from thegroup consisting of shares of stock, commodities, futures, options,bonds, warrants, exchange traded funds (ETFs), share or index basedoptions, futures contracts, options on futures contracts, and items thatare bought or sold by auction.
 148. The software object of claim 76,wherein said at least one data source is external to the computer wheresaid software object is executing; and wherein said external data sourceis accessible to said software object through communication channels.149. The software object of claim 76, wherein said at least one datasource resides in the same computer where said software object isexecuting.
 150. The software object of claim 76, wherein said softwareobject is adapted to receive streaming trading data from said at leastone data source; and wherein said trading data is received essentiallyin real time.
 151. The software object of claim 76, wherein said GUIobjects further comprises at least one additional axis; wherein said atleast one additional axis is associated with data elements with at leastone additional dimension; wherein said at least one additional axis isassociated with at least one criterion; wherein said at least onecriterion is selected from the group consisting of: a marketparticipant, a group of market participants, a security, a group ofsecurities, an index, an interval of time, and combinations thereof;wherein said price axis and said at least one additional axis combine todefine a multi-dimensional coordinate system; wherein the number ofdimensions of said multi-dimensional coordinate system is determined bythe number of axes; wherein said multi-dimensional coordinate systemfunctions as a reference for displaying said GUI objects onto agrid-based graphical interface; wherein displaying a GUI objectcomprises at lest one method for determining the positions where saidGUI objects are rendered on said grid based graphical interface; whereinsaid at least one method correlates the numeric price values of saidprice dimension, with the numeric price values associated with saidprice axis; wherein said at least one method categorizes said dataelements according to said at least one criterion associated with saidat least one additional axis; and wherein said positions are determinedwith respect to said multi-dimensional coordinate system; wherein saidpositions are determined for the purpose displaying said GUI objectsonto said grid based graphical interface.
 152. The software object ofclaim 76, wherein said at least one market participant possesses atleast one trading system physically separated from the computer wheresaid software object is executing; and wherein said trading system isaccessible to said software object through communication channels. 153.The software object of claim 76, wherein said at least one marketparticipant possesses at least one trading system physically residing inthe same computer where said software object is executing; and whereinsaid trading system is accessible to said software object throughcommunication channels.
 154. The software object of claim 76, whereinsaid software object is capable of connecting, receiving, and retrievingtrading data from at least one data source; wherein said at least onedata source is physically separated from the computer where saidsoftware object is executing; wherein said at least one data source isaccessible to said software object through communication channels;wherein said at least one data source is a diverse system; and whereinsaid communication is facilitated by middleware.
 155. The softwareobject of claim 76, wherein said software object is implemented as anintegrated feature of an application program intended for securitiestrading.
 156. The software object of claim 76, wherein said softwareobject is implemented as a self-contained, reusable software component;wherein said software component is selected from the group consistingof: an ActiveX control, a Java applet, a Java Swing component, andcombinations thereof; wherein said implementation of the software objectindependently functions as a quote presentation system, or as a quotepresentation system with order placement and order amendmentcapabilities; and wherein said software object is incorporated within anapplication program intended for securities trading.
 157. The softwareobject of claim 76, wherein said software object is implemented as a setof macros or scripts; wherein said macros or scripts are created byutilizing the programmability features of specific application programs;and wherein said specific application programs is selected from thegroup consisting of: Microsoft Excel, Microsoft Word, MicrosoftPowerPoint, Microsoft Visio, Lotus 1-2-3, and WordPerfect.
 158. Thesoftware object of claim 76, wherein said trading data is encoded usingeXtensible Markup Language (XML); and wherein said trading data iscompressed, encrypted, or both.
 159. The software object of claim 76,wherein said price axis is directly related to the range of tradingprices associated with a specific security; wherein said price axis ispartitioned into a plurality of segments; wherein each of said pluralityof segments represents a numeric price, or a range of numeric pricesrepresentative of the trading prices of said specific security; whereinevery trading price associated with said specific security isrepresented in said price axis by at most one segment along said priceaxis; wherein each of said plurality of segments is labeled with anominal numeric value representative of the price or range of pricesassociated with said segment; and wherein the difference between thenominal numeric prices associated with any two adjacent segmentscorresponds to said specific security's minimum price variance (MPV), ora multiple thereof.
 160. The interactive grid-based graphical tradingsystem of claim 76, wherein said axis associated with price is presentedas a specific price range above and a specific price range below thelast traded price of a selected security or groups of securities at anyinstant in time, and wherein said last traded price is present on saidprice axis.
 161. The interactive grid-based graphical trading system ofclaim 158, wherein the price difference between two adjacent cells alongsaid price axis is the minimum price variance (MPV), or a multiple ofthe minimum price variance, for any selected security or groups ofsecurities being displayed at any instant in time.
 162. The softwareobject of claim 76, wherein said price axis is indirectly related to therange of trading prices associated with a specific security; whereinsaid price axis is representative of a mathematical formula; whereinsaid mathematical formula is based on the difference between a priceparameter of said specific security and a reference value; wherein saidreference value is selected from the group consisting of: the previousclosing price of the security, the bid price, the ask price, the lasttrade price, an index value, and the average, the high, or the low ofsaid security's price or said index value over any given period of time;and wherein said price parameter is selected from the group consistingof: the last trade price, the limit order price, the stop order price,or combinations thereof; and wherein said price axis is partitioned intoa plurality of segments; wherein each of said plurality of segments isassociated with the result of the application of said mathematicalformula to said data elements; wherein each of said plurality ofsegments is labeled with a nominal numeric value representative of saidresult.
 163. The interactive grid-based graphical quote presentationsystem of claim 77, wherein said communication channels arenetwork-based, so that at any instant in time a connection between anytrader and a backend system of any market participant is persistent orintermittent.
 164. The interactive grid-based graphical quotepresentation system of claim 161, wherein said network is the Internet.165. The interactive grid-based graphical quote presentation system ofclaim 77, wherein any cell in said plurality of cells is assignedspecific visual or graphical attributes or properties chosen from thegroup of graphical or visual attributes or properties consisting of:color, border, label indicator, graphic overlay, text overlay, andcombinations thereof, and wherein the specific attribute or propertyassigned to any cell is a function of the specific market trading dataassociated therewith.
 166. The interactive grid-based graphical quotepresentation system of claim 77, wherein said axis associated with priceis presented as a specific price range above and a specific price rangebelow the last traded price of a selected security or groups ofsecurities at any instant in time, and wherein said last traded price ispresent on said price axis.
 167. The interactive grid-based graphicalquote presentation system of claim 77, wherein said communicationchannels include middleware used by any market participant.
 168. Theinteractive grid-based graphical quote presentation system of claim 166,wherein the price difference between two adjacent cells along said priceaxis is the minimum price variance (MPV), or a multiple of the minimumprice variance, for any selected security or groups of securities beingdisplayed at any instant in time.
 169. The interactive grid-basedgraphical quote presentation system of claim 77, wherein said markettrading data representing specific quote data for a selected security orgroup of securities, is presented in a matrix comprising a plurality ofrows and a plurality of columns of cells, wherein each row of cells oreach column of cells is associated with a specific price or range ofspecific prices for any given security or group of securities, andwherein said market trading data being displayed in any cell of said rowof cells or said column of cells includes a plurality of specificcomponents related to selected market parameters associated with saiddata.
 170. The interactive grid-based graphical quote presentationsystem of claim 169, wherein specific quote data are linked andassociated to a respective one of a set of GUI objects in saidgrid-based graphical interface at each said trader's location.
 171. Theinteractive grid-based graphical quote presentation system of claim 168,wherein said middleware functions to translate data and instructionssent over any communication channel into a format that is understood bysaid grid-based graphical interface at any trader's location, or arespective backend system at any market participant's location.
 172. Theinteractive grid-based graphical quote presentation system of claim 77,wherein said grid-based graphical interface for any trader has datastorage.
 173. The interactive grid-based graphical quote presentationsystem of claim 166, wherein said middleware has associated data storagerelevant to said system.
 174. The interactive grid-based graphical quotepresentation system of claim 77, wherein a selected security for whichsaid trading data is displayed at any instant in time may be changed toanother selected security by any trader, at any instant in time. 175.The interactive grid-based graphical quote presentation system of claim77, wherein the trading data for any selected security being displayedat any instant in time by any trader is constantly updated having regardto new trading data being received by the grid-based graphical interfacefor that selected security.
 176. The interactive grid-based graphicalquote presentation system of claim 77, further including iconsrepresenting each security.
 177. The interactive grid-based graphicalquote presentation system of claim 167, wherein one of said plurality ofrows or one of said plurality of columns of cells, is associated with atleast one market participant, so that each cell can represent one ormore specific quote data being posted by at least one market participantfor the selected security or item being displayed at any instant intime.
 178. The interactive grid-based graphical quote presentationsystem of claim 167, wherein cells representing a selected quantity ofbuy orders at or near the bid price, and different cells representing aselected quantity of sell orders at or near the ask price, whichrepresent market trading data being posted by a market participant for aselected security, are simultaneously displayed.
 179. The interactivegrid-based graphical quote presentation system of claim 77, wherein saidgraphical properties are chosen from the group consisting of: a distinctcolor, a distinct shape, distinct text labels, and combinations thereof;and wherein said graphical properties identify the cell as representingdata for at least one quote.
 180. The interactive grid-based graphicalquote presentation system of claim 179, wherein a text label indicatesat least one parameter selected by a trader for said at least one quoterepresented by said cell; wherein said at least one parameter is chosenfrom the group consisting of order type, the quantity of units of theselected security, the symbol of the selected security, the duration ofthe order, and combinations thereof.
 181. The interactive grid-basedgraphical quote presentation system of claim 77, wherein additional datais associated with each cell; whereby said additional data can beelectively displayed by clicking or right-clicking on said cell; andwherein said additional data is chosen from the group of data consistingof: the number of orders associated with said cell, the total volume ornumber of contracts, the total dollar value of the orders outstanding,the total volume of the orders traded, and the lot size outstanding, andcombinations thereof.
 182. The interactive grid-based graphical quotepresentation system of claim 77, wherein the data displayed on a displaypanel on said display device at any trader's location includes textbased quote data and related summary statistics for a selected securityor group of securities at any instant in time; and wherein said textbased quote data and related summary statistics includes data chosenfrom, the group consisting of: the exchange or market where the selectedsecurity is being traded, the current bid price, the current ask price,the current bid size, the current ask size, the last trade price, thesize of the last transaction in terms of the number of units of theselected security traded, the change in the price of the last trade withrespect to the closing price of the previous session, the volume interms of the number of units of the selected security that had beentraded during the current trading session, the high price of thesession, the low price of the session, the opening price of the session,and combinations thereof.
 183. The interactive grid-based graphicalquote presentation system of claim 77, wherein the price valuesrepresented by said price axis is electively associated with an absoluteprice or price range, or a relative price or price range.
 184. Theinteractive grid-based graphical quote presentation system of claim 183,wherein the adjustment of the price values, and the alteration of theassociated visual or graphical properties of each cell, along said priceaxis, is under the control of said third process means.
 185. Theinteractive grid-based graphical quote presentation system of claim 77,wherein the relevant visual or graphical properties of any cellassociated with quote data will, dynamically change in response to anamendment of its original properties, and in relation with the valuesrepresented by said cell's respective axes.
 186. The interactivegrid-based graphical quote presentation system of claim 77, wherein thedisplayed price range for any price axis is automatically determinedaccording to a set of relevant market trading data.
 187. The interactivegrid-based graphical quote presentation system of claim 186, wherein therange of price values which are displayed along said price axis, and theprice value for a selected row or column, is determined for eachselected security at any instant in time as a factor of one of thecriteria chosen from the group consisting of, the closing price for thatsecurity during the prior session, the opening price for that securityduring the current session, the highest price paid for that securityduring the current session, the lowest price bid for that securityduring the current session, and the last price paid for that security,and combinations thereof.
 188. The interactive grid-based graphicalquote presentation system of claim 77, wherein the criteria for said atleast one column are chosen from the group consisting of: a marketparticipant, a security, a component of an index, an index, aggregatetrading data from a plurality of market participants, the tradingactivity of a market participant during the current session, the tradingactivity of a component of an index, the pending orders of the marketparticipant at any instant in time, aggregate buy order data from aplurality of market participants, aggregate sell order data from aplurality of market participants, and combinations thereof.
 189. Theinteractive grid-based graphical quote presentation system of claim 77,wherein an axis not associated with the price axis can represent anymarket criteria aside from price.
 190. The interactive grid-basedgraphical quote presentation system of claim 77, wherein said grid-basedgraphical interface for any trader has memory means associatedtherewith, whereby a record function stores said market trading data insaid memory at selected time intervals; whereby a replay function forsaid data, to recall said market trading data associated with saidselected time intervals, and to graphically display said data over aselected time period, may be selectively invoked by said trader. 191.The interactive grid-based graphical quote presentation system of claim77, wherein a specific color, text label, pattern, shape, or texture isassociated for each different type of trading order which is displayedin any cell.
 192. The interactive grid-based graphical quotepresentation system of claim 191, wherein a specific color, texture,text label, shape, or pattern is associated with each cell representingan ask price, or a higher price than said ask price, for any selectedsecurity in any given market; and wherein a different specific color,texture, text label, shape, or pattern is associated with each cellrepresenting a bid price, or a lower price than said bid price, for saidselected security in said any given market.
 193. The interactivegrid-based graphical quote presentation system of claim 77, furtherincluding fourth process means that function to transform NASDAQ LevelII data for any selected security, at any instant in time, into a formatsuitable for display on said grid-based graphical interface.
 194. Theinteractive grid-based graphical quote presentation system of claim 77,further including fifth process means that function to transform a stockexchange's market depth data, or an Electronic Communication Network's(ECNs) electronic order book for any selected security, at any instantin time, into a format suitable for display on said grid-based graphicalinterface.
 195. The interactive grid-based graphical quote presentationsystem of claim 190, wherein said replay function is controllable sothat playback of said market trading data is accelerated in time, orde-accelerated in time, and displayed visually.
 196. The interactivegrid-based graphical quote presentation system of claim 77, wherein saidmarket trading data which is displayed for a selected security at anyinstant in time can be electively filtered to display a subset of saidtrading data, which subset satisfies criteria based at least on oneparameter associated with said data.
 197. The interactive grid-basedgraphical quote presentation system of claim 177, wherein columnsrepresentative of a parameter of said trading data can be arrangedautomatically based on criteria defined by said trader.
 198. Theinteractive grid-based graphical quote presentation system of claim 177,wherein columns representative of a parameter of said trading data canbe arranged manually through a drag and drop operation of a respectivecolumn header by said trader.
 199. The interactive grid-based graphicalquote presentation system of claim 176, wherein any one of said icons ischosen from the group of images consisting of; the logo of the companyassociated with said security, the trading symbol of the security, thetype of security, the quantity of units of said security, the type oforder for said security, the status of the order for said security, andcombinations thereof.
 200. The interactive grid-based graphical quotepresentation system of claim 77, wherein any cell representing aspecific quote is displayed relative to said price axis, wherein theposition of said any cell is determined by the difference between theprice associated with said specific quote and the price associated witha base price indicator on said price axis, and wherein at least one cellrepresenting a specific quote, is displayed.
 201. The software object ofclaim 79, wherein differences in the values of said price dimensionassociated with said order data and quote data are represented throughpositional distinction, by plotting GUI objects representative of saidorder data and quote data onto specific positions on said drawing area;and wherein said specific positions are determined by mapping the valueof said price dimension against the values associated with said priceaxis.
 202. The software object of claim 79, wherein said trading data isrepresentative of NASDAQ Level II data.
 203. The software object ofclaim 80, wherein a selected security for which trading data isdisplayed at any instant in time may be changed to another selectedsecurity by any trader, at any instant in time; and wherein said tradingdata can be electively filtered to display a subset of said tradingdata, which subset satisfies criteria based at least on one parameterassociated with said trading data.
 204. The software object of claim 81,wherein said backend trading system is market simulation software. 205.The software object of claim 86, wherein differences in the values ofsaid price dimension and the values of said additional dimensionsassociated with said order data and quote data are represented throughpositional distinction, by plotting said GUI objects representative ofsaid order and quote data onto specific positions on said drawing area;and wherein said specific positions are determined by mapping the valueof said price dimension and the values of said additional dimensionsagainst the values associated with said price axis and the valuesassociated with said at least one additional axis.
 206. The interactivegrid-based graphical trading system of claim 100, wherein said axisassociated with price is presented as a specific price range above and aspecific price range below the last traded price of a selected securityor groups of securities at any instant in time, and wherein said lasttraded price is present on said price axis.
 207. The interactivegrid-based graphical trading system of claim 206, wherein the pricedifference between two adjacent cells along said price axis is theminimum price variance (MPV), or a multiple of the minimum pricevariance, for any selected security or groups of securities beingdisplayed at any instant in time.
 208. The interactive grid-basedgraphical trading system of claim 100, wherein specific order data andspecific quote data are linked and associated to a respective one of aset of GUI objects in said grid-based graphical interface at each saidtrader's location.
 209. The interactive grid-based graphical tradingsystem of claim 100, wherein each market participant is chosen from thegroup consisting of stock brokerages, electronic communication networks(ECN's), stock exchanges, commodity exchanges, futures exchanges,bourses, and auction houses.
 210. The interactive grid-based graphicaltrading system of claim 100, wherein each selected security for whichmarket trading data is displayed is chosen from the group consisting ofshares of stock, commodities, futures, options, bonds, warrants,exchange traded funds (ETFs), share or index based options, futurescontracts, options on futures contracts, and items that are bought orsold by auction.
 211. The interactive grid-based graphical tradingsystem of claim 104, wherein data communications over saidcommunications channels are in keeping with selected protocols which areestablished to standardize data interchange between the grid-basedgraphical interface communicating over any said communications channels,with any backend systems; wherein said data communications mayelectively use secure data encryption modes.
 212. The interactivegrid-based graphical trading system of claim 100, further including adisplay panel, wherein said display panel contains individual iconsrepresenting each security held by any respective trader in thattrader's account.
 213. The interactive grid-based graphical tradingsystem of claim 212, wherein each icon represents a security positionheld by that trader in that trader's account, and any such icon isdragged and dropped onto a specific valid cell of the grid-basedgraphical interface; and wherein the drag and drop operation on anyselected icon causes the grid-based graphical interface to issuetransaction instructions to a respective backend system through saidmiddleware.
 214. The interactive grid-based graphical trading system ofclaim 100, wherein cells representing a selected quantity of buy ordersat or near the bid price, and different cells representing a selectedquantity of sell orders at or near the ask price, which represent markettrading data being posted by a market participant for a selectedsecurity, are simultaneously displayed.
 215. The interactive grid-basedgraphical trading system of claim 100, wherein a text label indicates atleast one parameter selected by a trader for said at least one order orat least one quote represented by said cell; wherein said at least oneparameter is chosen from the group consisting of order type, thequantity of units of the selected security, the symbol of the selectedsecurity, the duration of the order, and combinations thereof.
 216. Theinteractive grid-based graphical trading system of claim 100, whereinadditional data is associated with each cell; whereby said additionaldata can be electively displayed by clicking or right-clicking on saidcell; and wherein said additional data is chosen from the group of dataconsisting of: the number of orders associated with said cell, the totalvolume or number of contracts, the total dollar value of the ordersoutstanding, the total volume of the orders traded, and the lot sizeoutstanding, and combinations thereof.
 217. The interactive grid-basedgraphical trading system of claim 100, wherein the data displayed on adisplay panel on said display device at any trader's location includestext based quote data and related summary statistics for a selectedsecurity or group of securities at any instant in time; and wherein saidtext based quote data and related summary statistics includes datachosen from, the group consisting of: the exchange or market where theselected security is being traded, the current bid price, the currentask price, the current bid size, the current ask size, the last tradeprice, the size of the last transaction in terms of the number of unitsof the selected security traded, the change in the price of the lasttrade with respect to the closing price of the previous session, thevolume in terms of the number of units of the selected security that hadbeen traded during the current trading session, the high price of thesession, the low price of the session, the opening price of the session,and combinations thereof.
 218. The interactive grid-based graphicaltrading system of claim 100, wherein a plurality of grid-based graphicalinterfaces are presented in a plurality of overlapping tab pages, andwherein the tab for any of said pages can be selected, wherein saidplurality of tab pages are contained in at least one display panel onsaid display device, and wherein at least one grid-based graphicalinterface is associated with one tab page or one display panel at anyinstant in time.
 219. The interactive grid-based graphical tradingsystem of claim 218, wherein the specific visual or graphical propertiesof any tab page may change at any instant in time, as a result of aspecific event occurring.
 220. The interactive grid-based graphicaltrading system of claim 219, wherein said specific event is triggered byspecific market or user defined criteria related to said tab page, or tothe securities associated with said tab page.
 221. The interactivegrid-based graphical trading system of claim 100, wherein any tradingorder transaction may be effected by dragging and dropping a GUI objectwhich is representative of the specific transaction onto a valid cell ofthe grid-based graphical interface, whereby said first process meanswill issue a respective transaction instruction through a respectivecommunication channel to a respective market participant.
 222. Theinteractive grid-based graphical trading system of claim 100, whereinthe price values represented by said price axis is electively associatedwith an absolute price or price range, or a relative price or pricerange.
 223. The interactive grid-based graphical trading system of claim100, wherein an axis not associated with the price axis can representany market criteria aside from price.
 224. The interactive grid-basedgraphical trading system of claim 100, wherein said grid-based graphicalinterface for any trader has memory means associated therewith, wherebya record function stores said market trading data in said memory atselected time intervals; whereby a replay function for said data, torecall said market trading data associated with said selected timeintervals, and to graphically display said data over a selected timeperiod, may be selectively invoked by said trader.
 225. The interactivegrid-based graphical trading system of claim 100, further includingsoftware whose purpose is to review and weigh a trader's cash positionand portfolio holdings, so as to make a recommendation on an orderparameter for a trading order for a selected security, at any instant intime, where the recommendation is a function of an order parameterchosen from the group of order parameters consisting of: the bid price,the bid size, the ask price, the ask size, the last trade price, thevolume or contracts traded over an interval of time, the volatility, theliquidity, and combinations thereof, for said selected security at anyinstant in time.
 226. The interactive grid-based graphical tradingsystem of claim 225, wherein said order parameter is at least one of thesize of the trading order, the quantity of the trading order, price oftrading order, and duration of trading order for said selected security.227. The interactive grid-based graphical trading system of claim 100,wherein the graphical display at any trader's location includes adisplay panel containing data categorized as NASDAQ Level II data for aselected security at any instant in time; and wherein said NASDAQ LevelII data includes at least one set of data which is chosen from the groupconsisting; the identity of a market participant whose data is beingdisplayed, the bid price and size associated with a given marketparticipant's data, the ask price and size associated with a marketparticipant's data, and combinations thereof.
 228. The interactivegrid-based graphical trading system of claim 100, wherein columnsrepresentative of a parameter of said trading data can be arrangedautomatically based on criteria defined by said trader.
 229. Theinteractive grid-based graphical trading system of claim 100, whereincolumns representative of a parameter of said trading data can bearranged manually through a drag and drop operation of a respectivecolumn header by said trader.
 230. The interactive grid-based graphicaltrading system of claim 212, wherein any one of said icons is chosenfrom the group of images consisting of; the logo of the companyassociated with said security, the trading symbol of the security, thetype of security, the quantity of units of said security, the type oforder for said security, the status of the order for said security, andcombinations thereof.
 231. The interactive grid-based graphical tradingsystem of claim 218, wherein a selected tab page associated with a givensecurity will become the active tab page as a result of at least oneuser interaction associated with said security.
 232. The interactivegrid-based graphical trading system of claim 218, wherein a tab page isautomatically created, at any instant in time, and is associated with aspecific security, as a result of at least one user interactionassociated with said security; and wherein said created tab page forsaid specific security does not exist prior to said user interaction.